The following information is available for Quayle Company:
| Sales revenue |
$618,000 |
| Sales returns and allowances |
20,000 |
| Cost of goods sold |
398,000 |
Operating expenses
|
114,000 |
| Interest expense |
19,000 |
| Interest revenue |
20,000 |
(a) Use the above information to prepare a multiple-step income statement for the year ended December 31, 2014