Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $2,000; Cost of Goods Sold, $20,520; Income Tax Expense, $2,870; Interest Expense, $1,500; Interest Revenue, $180; General Expenses, $2,200; Net Sales Revenue, $34,390; and Delivery (freight-out) Expense, $260.

Prepare a multistep income statement for distribution to external financial statement users.

SELLALL DEPARTMENT STORES Income Statement For the Year Ended December 31 Net Sales $ Cost of Goods Sold Gross Profit Operating Expenses 34,390 20,520 13,870 4,460 Income from Operations Interest Expense Interest Revenue Income before Income Tax Expense Income Tax Expense Net Income