The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year. 2,850,000 50,000 9,350,000 5,840,000 820,000 350,000 120,000 Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Notes Payable (long-term) Common Stock $250,000 Retained Earnings 1,197,000 Dividends 1,790,000 Sales 23,500 Cost of Goods Sold 14,000 Sales Salaries Expense 8,500 Advertising Expense 870,000 Depreciation Expense-Store Equipment 580,000 Miscellaneous Selling Expense 2,600,000 Office Salaries Expense 820,000 Rent Expense 336,000 Depreciation Expense-Office Equipment 39,000 Insurance Expense 43,000 Office Supplies Expense 200,000 Miscellaneous Administrative Expense 600,000 Interest Expense 58,000 550,000 104,000 60,000 50,000 26,000 12,000 25,000 Prepare a multiple-step income statement for Fernandez Co. for the year ended December 31. Fernandez Co. Income Statement For the Year Ended December 31 $ $ Operating expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses Other revenue and expense: $