Exercise 5-6 Presented below is information for Lieu Co. for the month of January 2017. Cost of goods sold Freight-out Insurance expense Salaries and wages expense Income tax expense $212,000 Rent expense 7.000 Sales discounts 12.000 Sales returns and allowances 60,000 Sales revenue $32,000 8,000 20,000 370,000 5,000 Other comprehensive income (net of 400 tax) 2,000 Your answer is partially correct. Try again Prepare an income statement using the multi-step format LIEU Co. Income Statement For the Month Ended January 31, 2017 Sales Sales Revenue 370000 Less Sa les Returns and Allowance 20000