Question - Prepare a multiple-step income statement for Jackrabbit Inc. from the following single-step statement.
Net sales $1,840,000
Gain on sale of equipment 15,000
Interest income 13,000
Costs and expenses: 1,868,000
Cost of goods sold 1,072,000
Selling expenses 270,000
General and admin. Expenses 155,000
Depreciation 24,000
Equity losses 9,000
Interest expense 16,000
Income tax expense 96,000
Net income $ 226,000