The following information is available for Jain Corp. for the year ended December 31, 2012:

Other revenues and gains $ 12,700

Net sales $552,000

Other expenses and losses $13,300

Operating expenses $186,000

Cost of goods sold $156,000

Prepare a multiple-step income statement for Jain Corp. The company has a tax rate of 30%. (5 points)

Please explain all steps detally.I want to learn solving this type of exercises.How did you find the answer and with the help of which rule did you solve this exercise?