Exercise 5-07 Presented below is information for Blossom Co. for the month of January 2022. Cost of goods sold Freight-out Insurance expense Salaries and wages expense $202,200 Rent expense 6,400 Sales discounts 12,500 Sales returns and allowances 64,000 Sales revenue 5,100 Other comprehensive income (net of $400 tax) $33,600 8,100 17,600 395,500 Income tax expense 2,000 Prepare an income statement using the multiple-step format. BLOSSOM CO. Income Statement $ FFL Copy NEW.jpg FFL Copy (1).jpg