The accountant of Kingbird Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2020. Rent revenue $32,000 Interest expense 21,000 34,000 117,800 Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) Income tax Salaries and wages expense (administrative) 20,600 26,100 138,900 Other administrative expenses 54,700 499.000 983,000 Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared 68,000 19.000 There were 20,000 shares of common stock outstanding during the year. Prepare a multiple step income statement. (Round carnis per share to 2 decimal places, s. 148.) KINGBIRD SHOE CO. Income Statement $ het