Exercise 5-8 (Part Level Submission) In its income statement for the year ended December 31, 2014, Gavin Company reported the following condensed data.

Prepare a multiple-step income statement.

Loss on disposal of plant assets Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expenses $115,230 3,049,800 34,500 220,800 151,800 $641,700 1,362,060 Sales revenue 97,980 89,700 Income tax expense Sales discounts 427,800 Utilities expense