Sierra Corporation, which purchases eutdoor cloching and equipenent and resells them, bega buibess as a merchandising corporation on January 1, 2023. At the esd of January, the company propared the following adjusted trial balance. Required: (12 points) Using the tables es the following pagss, prepare a mulviple-step incone Statement Individual Assignment \#1 Sierra Corp Belger Page 2 of 3 \begin{tabular}{|l|l|l|} \hline 8)operatingincome(3-7) & & $705.00 \\ \hline 9)Interestexpense & & $80.00 \\ \hline 10) income before taxes (6-9) & & $625.00 \\ \hline 11)Income-taxexpense & $280.00 \\ \hline 12)Netincome(10-11) & $345.00 \\ \hline \end{tabular} Sierra Corporation, which purchases eutdoor cloching and equipenent and resells them, bega buibess as a merchandising corporation on January 1, 2023. At the esd of January, the company propared the following adjusted trial balance. Required: (12 points) Using the tables es the following pagss, prepare a mulviple-step incone Statement Individual Assignment \#1 Sierra Corp Belger Page 2 of 3 \begin{tabular}{|l|l|l|} \hline 8)operatingincome(3-7) & & $705.00 \\ \hline 9)Interestexpense & & $80.00 \\ \hline 10) income before taxes (6-9) & & $625.00 \\ \hline 11)Income-taxexpense & $280.00 \\ \hline 12)Netincome(10-11) & $345.00 \\ \hline \end{tabular}