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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 ;ollowing income statement items
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the ;ollowing income statement items (\$ in millions): sales revenue, $2,165; cost of goods sold, $1,370; selling expense, $180; general and administrative expense, $170; interest expense, $45; and gain on sale of investments, $100. Income tax expense has not yet been ecorded. 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).) \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ PACIFIC SCIENTIFIC CORPORATION } \\ \hline \multicolumn{1}{|c|}{ Income Statement } & \\ \hline & Year Ended December 31,2021 & \\ \hline Gross profit & & \\ \hline Operating expenses: & & \\ \hline & & \\ \hline & & \\ \hline Operating income & & \\ \hline Other income (expense): & & \\ \hline \hline & & \\ \hline Income before income taxes & & \\ \hline \hline \end{tabular}
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