1. Prepare an income statement from the data below using the multiple-step form. Income Statement For the year ended Dec. 31, 2023 Administrative expense: Officers' salaries $ 4,900 Depreciation 3,960 Cost of goods sold 60,570 Rent revenue 17,230 Discontinued operations (net of tax): Loss on discontinued operations 3,420 Selling expense: Freight-out Sales commissions Depreciation Sales 2,690 7,980 6,480 96,500 Income tax 9,070 Interest expense 1,860