Select accounts from K company's trial balance at December 31, 2019 are listed below.

Accounts payable	120000		Mortgage payable	190000
Accounts receivable	60000		Prepaid insurance expense	3,500
Accumulated depreciation - buildings	70000		Property tax payable	7,500
Accumulated depreciation - equipment	60000		Purchase discounts	34,000
Administrative expenses	270000		Purchase returns and allowances	10000
Buildings	280,000		Purchases	600000
Cash	25,000		Salaries payable	5,300
Equipment	160,000		Sales	1,000,000
Freight in	8,000		Sales discounts	5000
Interest expense	15,000		Sales returns	8,000
Inventory, Jan 1	60,000		Selling expenses	11,000
Land	120000		Unearned revenue	12,000

The accountant did an inventory count on December 31, 2019 and advised that there was $70,000 in inventory at December 31, 2019.

Q) Prepare multi-step income statement in good form, including the full cost of goods sold section, for the year ended December 31, 2019.

(Need detail explanation)