The following data were taken from the records of Thayer Appliances, Incorporated, at December 31, 2010:
Sales revenue ............... $130,000
Administrative expense ........... 16,000
Selling (distribution) expense ........ 18,000
Income tax rate ............... 25%
Gross profit ............... 60,000
Shares of stock outstanding .......... 2,500

Required:
Prepare a complete multiple-step income statement for the company (showing both gross profit and income from operations). Show all computations.