Use the following accounts to prepare a multiple step income statement of Magaly's Cake LLC for the year ended December 31,2018 Value 55 pts. \begin{tabular}{|l|r|} \hline Beginning Inventory & $250,000.00 \\ \hline Depreciation Expense & $11,000.00 \\ \hline Ending Inventory & $362,000.00 \\ \hline Freight out & $6,500.00 \\ \hline Freight-In & $16,300.00 \\ \hline Gain on sale of equipment & $3,500.00 \\ \hline Insurance Expense & $7,000.00 \\ \hline Interest Expense & $16,400.00 \\ \hline Interest Revenue & $2,000.00 \\ \hline Loss on sale of building & $125,000.00 \\ \hline Property Tax Expense & $12,500.00 \\ \hline Purchase Discounts & $12,500.00 \\ \hline Purchases & $509,000.00 \\ \hline Purchases Return and Allowances & $12,000.00 \\ \hline Rent Expense & $2,500.00 \\ \hline Salaries and Wages Expense & $96,000.00 \\ \hline Sales & ###### \\ \hline Sales Commission Expense & $11,000.00 \\ \hline Sales Discounts & $2,000.00 \\ \hline Sales Return and Allowances & $8,000.00 \\ \hline Utilities Expense & $8,500.00 \\ \hline \end{tabular} Answer Sheet to prepare the multiple step income statement Use the following accounts to prepare a multiple step income statement of Magaly's Cake LLC for the year ended December 31,2018 Value 55 pts. \begin{tabular}{|l|r|} \hline Beginning Inventory & $250,000.00 \\ \hline Depreciation Expense & $11,000.00 \\ \hline Ending Inventory & $362,000.00 \\ \hline Freight out & $6,500.00 \\ \hline Freight-In & $16,300.00 \\ \hline Gain on sale of equipment & $3,500.00 \\ \hline Insurance Expense & $7,000.00 \\ \hline Interest Expense & $16,400.00 \\ \hline Interest Revenue & $2,000.00 \\ \hline Loss on sale of building & $125,000.00 \\ \hline Property Tax Expense & $12,500.00 \\ \hline Purchase Discounts & $12,500.00 \\ \hline Purchases & $509,000.00 \\ \hline Purchases Return and Allowances & $12,000.00 \\ \hline Rent Expense & $2,500.00 \\ \hline Salaries and Wages Expense & $96,000.00 \\ \hline Sales & ###### \\ \hline Sales Commission Expense & $11,000.00 \\ \hline Sales Discounts & $2,000.00 \\ \hline Sales Return and Allowances & $8,000.00 \\ \hline Utilities Expense & $8,500.00 \\ \hline \end{tabular} Answer Sheet to prepare the multiple step income statement