Use the following Adjusted Trial Balance to prepare a Merchandising MULTI-STEP Income Statement for the Year Ended Dec 31, 2022. Asset, Liab, Rev, I/S or Account Description Debit Credit Exp, Other B/S Wages & Salary Expense 60,000 Depreciation Expense - Store Equipment 36,000 Accounts Receivable 19,750 Sales 375,000 Common Stock 16,000 Income Tax Expense 18,000 Accumulated Depreciation, Store Equipment 25,000 Advertising Expense 8,000 Utilities Expense 11,000 Dividends 18,000 Prepaid Insurance 15,000 Rent Expense 28,000 Sales Returns & Allowances 7,500 Prepaid Rent 2,400 Store Equipment 115,000 Accounts Payable 52,500 Research & Development Expense 22,000 Salaries Payable 4,000 Cash $42,850 Cost of Goods Sold 85,000 Long-term Notes Payable 22,000 Retained Earnings 9,000 Teaching Supplies 5,000 Interest Expense 10,000 $503,500 $503,500