Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $2,300; Cost of Goods Sold, $22,140; Income Tax Expense, $3,040; Interest Expense, $1,500; Interest Revenue, $180; General Expenses, $2,500; Net Sales Revenue, $37,105; and Delivery (freight-out) Expense, $290. 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 $ 37,105 22,140 14,965 5,090 9,875 Income from Operations Interest Expense Interest Revenue Income before Income Tax Expense Income Tax Expense 1,500 180 8,555 3,040 Net Income $ 5,515