Exercise $12-$ Prepare a multi$-$step income statement $($assume tax rate of $20\%).$

$\backslash$table$[[$A$/$P$,10,$Interest Revenue,$40],[$A$/$R$,20,$Loss on Sale of Bldg$.,20],[$Cash$,30,$Prebaid Insurance,$30],[$Cost of Goods Sold,$220,$Rent Revenue,$40],[$Debreciation Exbense,$20,$Sales,$320],[$Dividends Paid,$60,$Sales Discounts,$4],[$Gain on Sale of Land,$80,$Sales Returns & Allowances,$6],[$Insurance Exbense,$40,$Subolies Expense,$10],[$Interest Expense,$30,$Unearned Revenue,$30]]$

Their Corporation

Income Statement

Year Ending $12/31/2$X

Operating Expenses

$\backslash$table$[[2,],[,],[,2],[$Total Ope,erating Expenses$]]$