The year-end adjusted Trial Balance for Lee Publishing is as follows: Lee Publishing Trial Balance December 31, 2021 Debit Credit Cash $ 14,500 Accounts receivable 6,100 Equipment 10,000 Accumulated depreciation, Equipment $10,000 Accounts payable 1,600 Lucy Lee, capital 5,100 Lucy Lee, withdrawals 5,000 Publishing revenue 123,100 Sales Discounts 2,600 Sales Returns and Allowances 4,400 Cost of Goods Sold 22,800 Wages Expense (36% selling, 64% general & admin) 54,500 Insurance expense (100%general & admin) 1,900 Rent expense (42% selling, 58% general & admin) 16,000 Telephone expense (100% general & admin) 2,000 $ 139,800 $ 139,800

REQUIRED: Prepare a multi-step income statement from the above adjusted trial balance. Use the form provided. Up to 2 marks can be deducted for incorrect formatting. One mark will be deducted for each incorrect account included on the income statement