The information below relates to the operations of Sandhill Corporation, a private company following ASPE, for the year ended December 31, 2020: $329,000 2,170 8,950 119,918 3,792 Cost of goods sold Interest expense Sales returns and allowances Accounts payable Sales discounts Depreciation expense Sales revenue Salaries and wages expense Prepaid expenses Rent expense Loss from fire Rental revenue 284,500 982,516 163,672 3,630 39,900 8,238 25,106 Additional information: The effective tax rate is 40%. Depreciation expense: 70% administrative expense and 30% selling expense Salaries and wages expense: 40% administration expense and 60% selling expense Rent expense: 85% administration expense and 15% selling expense Prepare a multiple-step income statement in good form by function (Enter selling expenses before administrative expenses. Round answers to decimal places, eg. 5,275.) Sandhill Corporation Income Statement V $ $