The accountant of Whispering Shoe Co. has compiled the following information from the companys records as a basis for an income statement for the year ended December 31, 2020.

Rent revenue		$31,000
Interest expense		20,000
Market appreciation on land above cost		33,000
Salaries and wages expense (selling)		116,800
Supplies expense (selling)		19,600
Income tax		25,100
Salaries and wages expense (administrative)		137,900
Other administrative expenses		53,700
Cost of goods sold		498,000
Net sales		982,000
Depreciation on plant assets (70% selling, 30% administrative)		67,000
Cash dividends declared		18,000

There were 20,000 shares of common stock outstanding during the year.

Prepare a multi-step income statement