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The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the following income statement items

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The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,110; cost of goods sold, $1,390; selling expense, $190; general and administrative expense, $180; interest expense, $55; and gain on sale of investments, $125. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare a multiple-step income statement for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31, 2021 Sales revenue $ 2,110 1,390 720 Cost of goods sold Gross profit Operating expenses: Selling expenses General and administrative expenses $ 190 180 370 Total operating expenses Operating income Other income (expense): 350 Interest expense Total other income, net 0 Income before income taxes 350 Net income

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