Required information [The following information applies to the questions displayed below.] Toys"R"Us sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1, 2021) Cost of goods sold $70, 800 5,100 3,000 6,200 2,150 35,150 Inventory (Mar. 31, 2021) Insurance expense Sales discounts Salaries expense Income tax expense $1,000 1,650 2,350 8,100 2,900 Required: . Prepare a multiple-step income statement for the month ended March 31, 2021. TOYS "R"US Multiple-step Income Statement For the month of March 2021 Net sales: Total sales revenue $ 70,800 Less: Sales discounts 2,350 Net sales revenue Cost of goods sold 68,450 35,150 33,300 Gross profit Operating expenses: Advertising expense Insurance expense Salaries expense 3,000 5,100 1,650 8,100 17,850 15,450 Total Operating income Non-operating items: Gain on sale of building 6,200 Total Income before income taxes Income tax expense 21,650 18,750 2,900 Net income $ 19,350