Sellall Department Stores reported the following amounts as of its December 31 year- end: Administrative Expenses, $2,400; Cost of Goods Sold, $22,728; Income Tax Expense, $3,000; Interest Expense, $1,600; Interest Revenue, $200; General Expenses, $2,600; Net Sales, $37,880; and Delivery (freight-out) Expense, $300. Required: Prepare a multistep income statement for distribution to external financial statement users. Answer is complete but not entirely correct. SELLALL DEPARTMENT STORES Income Statement For the Year Ended December 31 Net Sales $ 37,880 Cost of Goods Sold 22,728 Gross Profit 15,152 Selling, General, and Administrative Expenses 2,700 Income from Operations Interest Expense Interest Revenue Income before Income Tax Expense Income Tax Expense 9,852 (1,600) 200 8,452 3,000 Net Income $ 5,452