Selected account balances at December 31, 2014, for Infosys Company follow. Prepare a multistep income statement for the year ended December 31, 2014. Show detail of net sales. The company uses the perpetual inventory system, and Freight-In has not been included in Cost of GoodsSold.

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Account Name Sales Sales Returns and Allowances Cost of Goods Sold Freight-In Selling Expenses General and Administrative Expenses Debit Credit $475,000 23,500 280,000 13,500 43,000 87,000