1 [50 points] The work sheet for Allarco Inc. is shown below. Complete the classified multi-step income statement on the right. Accumulated Depreciation, Store Fixtures... Income Statement Balance Sheet and Statement of Changes in Equity Debit Credit Debit Credit 20,500 63,500 Allarco Inc. Income Statement For the year ended December 31, 2014 Accumulated Depreciation, Store Furniture Cost Of Goods Sold... 136,500 Depreciation Expense, Store Fixtures. 10,500 Depreciation Expense, Store Furniture 13,500 Dividends.. 31,000 Insurance Expense... 34,000 Liabilities... 458,000 Merchandise Inventory.. 72,500 Office Salaries Expense.. 156,500 Rent expense, office space, 35,500 Rent expense, selling space. 39,000 Net sales........... Gross profit from sales... Operating expenses Selling expenses Total selling expenses... General and administrative expenses Total general and administrative expenses Total operating expenses............... Rent revenue 247,500 Retained Earnings.. 118,000 Other revenues and expenses Sales. 289,000 Sales Discounts.. 4,000 Sales Returns and Allowances. 5,000 Sales Salaries Expense.. 112,500 Share Capital Store Fixtures. Store Furniture Totals Net Loss Totals. 117,000 122,000 541,000 547,000 536,500 766,500 777,000 10,500 10,500 547,000 547,000 777,000 777,000