Use the following Adjusted Trial Balance to prepare the MULTI-STEP INCOME STATEMENT for Frosty Skates Inc. Company for the Year Ended December 31, 2021.

Frosty Skates Inc
Adjusted Trial Balance
December 31 2021
Account Title						Balance
						Debit	Credit
Cash						$161,000
Accounts Receivable						28,000
Merchandise Inventory						89,000
Equipment						105,000
Accumulated DepreciationEquipment							$10,500
Accounts Payable							4,200
Interest Payable							1,300
Notes Payable (Long Term)							145,000
Common Stock							150,000
Paid in Capital in Excess of Par -Common							20,000
Retained Earnings							25,000
Dividends						5,000
Net Sales Revenue							380,000
Cost of Goods Sold						84,000
Rent Expense (Selling)						12,000
Salary Expense (Selling)						70,000
Rent Expense (Administrative						24,000
Salary Expense (Administrative)						140,000
Interest Expense						8,000
Income Tax Expense						10,000
Total						$736,000	$736,000