X. Bonds Company The following is a single-step income statement for the X. Bonds Company:

X. Bonds Company Income Statement For the Year Ended December 31, 2016
Revenues:
Net Sales	$300,000
Interest Income	20,000
Total Revenues		$320,000
Expenses:
Cost of Goods Sold	$60,000
Selling Expenses	25,000
General and Administrative Expenses	30,000
Interest Expense	14,000
Income Tax Expense	45,000
Total Expenses		174,000
Net Income		$146,000

Refer to X. Bonds Company. If the income statement were prepared in a multiple-step format, gross profit would be:

a.$260,000.

b.$185,000.

c.$126,000.

d.$240,000.