Multiple-step income statement Shown below is a recent income statement for Phaeton, Inc.: PHAETON, INC. Income Statement For the Year Ended December 31, 2010 Net sales Cost and expenses Cost of goods sold $6,000,000 $(4,200,000) Operating expenses Interest expense Earnings before income taxes Income taxes (900,000) (150.000) ($5.250.000) $ 750,000 (360,000) Net earnings $390.000 Prepare an income statement for the year in a multiple-step format. (Use the grid provided below.)