The following is a partial list of account balances for Fisherman's Supply at December 31, Year 1.

Cash	$96,950
Accounts receivable	34,300
Inventory	206,950
Supplies	7,400
Land	144,300
Accounts payable	53,200
Common stock	319,000
Retained earnings	101,050
Sales	499,850
Cost of goods sold	403,050
Salaries expense	40,050
Utilities expense	11,400
Other operating expense	39,500
Gain on sale of land	10,800

Required:

a) Prepare a multistep income statement.