The following data was taken from the books of Polo, Inc. as of December 31, 2020: Cost of goods sold $ 35,300 Selling & administrative expense $9,500 Gain on sale of equipment 1,500 Accounts payable 14,225 Cash 4,755 Common shares, (3,250 shares) 20,000 Retained earnings (Jan 1) 8,000 Dividends declared 3,250 Other income 2,225 Interest expense 250 Sales revenue 57,250 Depreciation expense 2,850 PPE (net) 34,425 Accounts Receivable 5,250 Tax rate is 25%. Required: a) Prepare, in good format, a multiple-step income statement for the year ended December