Use the following multiple-step income statement of Company A to prepare a single- step version. Sales Sales revenue.. Less: Sales returns and allowances Net sales $96,000 Cost of goods sold 42,000 Gross profit 54,000 Operating expenses 14,000 Income from operations. 40,000 Other revenues and gains Interest revenue 500 1,000 Other expenses and losses Company A Income Statement For the Year Ended December 31, 2025 Loss on sale of equipment...... Sales Sales revenue......... Less: Sales returns and allowances Net sales $96,000 Cost of goods sold 42,000 Net income.. $40.500 $98,000 2,000 $98,000 2,000