The following balances were taken from the books of Bramble Corp. on December 31, 2020. Interest revenue $87.650 Accumulated depreciation equipment $41,650 Cash 52,650 Accumulated depreciation-buildings 29,650 Sales revenue 1,381,650 Notes receivable 156,650 Accounts receivable 151,650 Selling expenses 195,650 Prepaid insurance 21,650 Accounts payable 171,650 Sales returns and allowances 151,650 Bonds payable 101,650 Allowance for doubtful accounts 8,650 Administrative and general expenses 98,650 Sales discounts Accrued liabilities 33,650 46,650 101,650 Land Interest expense 61,650 Equipment 201.650 Notes payable 101.650 Buildings Loss from earthquake damage 141,650 622,650 Cost of goods sold 151,650 501,650 Common stock Retained earnings 22,650 Assume the total effective tax rate on all items is 20%. Prepare a multiple step income statement: 100,000 shares of common stock were outstanding during the year. (Rou Sales Revenue 1,381,600 Less : Sales Returns and Allowances -151,600 Sales Discounts -46,600 - 198,200 Net Sales 1,183,400 Cost of Goods Sold -622,600 Gross Profit/(Loss) 560,800 Operating Expenses Selling Expenses -195,600 Administrative Expenses -98,600 -294,200 Income From Operations 266,600 266,600 Income From Operations Other Revenues and Gains 87,600 Interest Revenue -61,600 Other Expenses and Losses Interest Expense -151,600 Loss from Earthquake Damage - 125,600 Income Before Income Tax 141,000 Income Tax Expense -28,200 Net Income /(Loss) 112,800