Use the following multi-step income statement of Ivanhoe Company to prepare a single-step version.

Income Statement For the Year Ended December 31, 2022 Sales Sales revenue $88,500 Less: Sales returns and allowances 2,200 Net sales $86,300 Cost of goods sold 48,000 Gross profit 38,300 Operating expenses 12,400 Income from operations 25,900 Other revenues and gains Interest revenue 1,400 Other expenses and losses Loss on sale of equipment 700 Net income $26,600 Income Statement For the Year Ended December 31, 2022 9 Net Sales 86300 Cost of Goods Sold 48000 Operating Expenses 12400 Loss on Sale of Equipment 700 Net Income / (Loss) 26600