! Required information (The following information applies to the questions displayed below.) A company reports the following amount in its December 31, Year 1, income statement. Sales revenue Non-operating revenue Selling expenses General expenses $ 255,000 101,000 51,000 41,000 Income tax expense Cost of goods sold Administrative expenses $ 21,000 181,000 31,000 Required: 1. Prepare a multiple-step income statement. (Losses should be indicated by a minus sign.) Multiple-step Income Statement For the year ended December 31, Year 1 255,000 Sales revenue 0 181,000 $ 74,000 Cost of goods sold Gross profit Selling expenses General expenses Administrative expenses 51,000 41,000 31,000 Total operating expenses Operating income (loss) 123,000 (49,000) 101,000 Non-operating revenue Income before income taxes Income tax expense Net income