W Stores Ltd. had the following account balances at December 31, 2021: Sales returns and allowances $9,775 Payments to suppliers on account 48,363 Travel and entertainment expense 3,545 Contributions by owners 16,000 Dividends, paid in cash 10,000 Sales revenue 154,400 Cost of goods sold 81,597 Insurance expense 3,500 Office supplies expense 2,260 Deferred revenue 12,350 Advertising expense 10,507 Repairs and maintenance expense 6,745 Cash received from debt 12,000 Collections from customers on account 51,318 Freight expense 6,050 Income tax expense 5,532 Rent expense 7,500 Sales discounts 6,325 Prepaid expenses 7,845 REQUIRED - Create a multiple step income statement and answer the following questions. You do not have to hand in the income statement - it is rough work only