The following selected accounts and their ending balances for the fiscal year ended June 30, 20X1 appear in the ledger for Iditorad Inc.

||Particulars||Amount

|Advertising expense|$23,000

|Cost of Merchandise sold|$990,000

|Depreciation expense-Office equipment|$11,000

|Depreciation expense-Store equipments|$7,000

|Insurance expense|$4,000

|Interest expense|$10,000

|Interest revenue|$7,000

|Miscellaneous administrative expenses|$3,000

|Miscellaneous selling expense|$20,000

|Office salaries expenses|$155,000

|Office supplies expenses|$125,000

|Rent expenses|$12,000

|Sales|$2,500,000

|Sales discounts|$11,000

|Sales returns & Allowances|$12,000

|Sales salaries expense|$115,000

Prepare a multi-step income statement.

Please only attempt if you can solve the question with a proper explanation. Please do not copy from Chegg.