The adjusted trial balance of McCoy Company included the following selected accounts: Debit Credit Sales Revenue $975,000 Sales Returns and Allowances $125,000 Sales Discounts 40,500 Cost of Goods Sold 296,000 Freight-Out 6,000 Advertising Expense 25,000 Interest Expense 19,000 1 Salaries and Wages Expense 104,000 2 Utilities Expense 53,000 3 Depreciation Expense 3,500 4. Interest Revenue 15,000 15 16 Instructions: Use the above information to prepare a multiple-step income statement 17 for the year ended December 31, 2020. Tax rate for the year is 21% 18