The following unadjusted trial balance is prepared at fiscal year$-$end for Nelson Company. Nelson Company uses a

perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense$-$Store

Equipment, Sales Salaries Expense, Rent Expense$-$Selling Space, Store Supplies Expense, and Advertising Expense. It

categorizes the remaining expenses as general and administrative.

Additional Information:

a$.$ Store supplies still available at fiscal year$-$end amount to $$2,150.$

b$.$ Expired insurance, an administrative expense, is $$1,450$ for the fiscal year.

c$.$ Depreciation expense on store equipment, a selling expense, is $$1,500$ for the fiscal year.

d$.$ To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $$10,200$ of inventory is

still available at fiscal year$-$end.

Question: Prepare a multiple$-$step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses.