The accountant for Smart Products, Inc. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2020 $ Net sales 485,000 Depreciation on plant assets Expense 35,000 Dividends declared 7,200 Rent revenue 15,000 Interest on notes payable 8,500 Market appreciation on land held as an investment 22,000 purchases Merchandise 210,500 Merchandise inventory, January 1, 2020 (Beginning) 41,000 Merchandise inventory, December 31, 2020 (Ending) 40,500 Wages and salariessales Expense 47,500 Materials and supplies-sales Expense 5,700 Income taxes 22,500 Wages and salaries-administrative Expense 67,950 Other administrative expenses 23,350 Advertising expense 10,000 Express mail Expense 3,000 Instructions Prepare a multiple-step OR single-step income statement