the year. E4.7 (LO 2, 3) (Multiple-Step and Single-Step Statements) The accountant of Latifa Sh has piled the following information from the company's records as a basis for an income statem the year ended December 31, 2020. $ 29,000 Rent revenue 18,000 Interest expense 31,000 Market appreciation on land above cost 114,800 Salaries and wages expense (selling) 17,600 Supplies (selling) 23,100 Income tax 135,900 Salaries and wages expense (administrative) 51,700 Other administrative expenses 496,000 Cost of goods sold 980,000 Net sales 65,000 Depreciation on plant assets (70% selling, 30% administrative) 16,000 Cash dividends declared There were 20,000 shares of common stock outstanding during the year. Instructions a. Prepare a multiple-step income statement