The accountant of Latifa Shoe Co. has compiled the following information from the companys records as a basis for an income statement for the year ended December 31, 2014. Rent revenue $30,640 Interest expense 19,640 Market appreciation on land above cost 32,640 Salaries and wages expense (selling) 116,440 Supplies expense (selling) 19,240 Income tax 39,040 Salaries and wages expense (administrative) 137,540 Other administrative expenses 53,340 Cost of goods sold 497,640 Net sales 981,640 Depreciation on plant assets (70% selling, 30% administrative) 66,640 Cash dividends declared 17,640 There were 19,400 shares of common stock outstanding during the year. Prepare multiple step income statement