The following selected accounts from the Blue Spruce Corps general ledger are presented below for the year ended December 31, 2017: Advertising expense $41,800 Interest revenue $ 22,800 Common stock 190,000 Inventory 50,920 Cost of goods sold 824,600 Rent revenue 18,240 Depreciation expense 95,000 Retained earnings 406,600 Dividends 114,000 Salaries and wages expense 513,000 Freight-out 19,000 6,460 Sales discounts Income tax expense 53,200 Sales returns and allowances 31,160 Insurance expense 11,400 Sales revenue 1,824,000 Interest expense 53,200 Prepare a multiple-step income statement BLUE SPRUCE CORP. Income Statement 11 v