Prepare a multiple$-$step income statement for Armstrong Co$.$ from the following data for the year ended December $31.$

Sales, $$755,000$; cost of goods sold, $$330,000$; administrative expenses, $$35,000$; interest expense, $$30,000$; rent revenue, $$25,000$; selling expen $$50,000.$

Armstrong Co$.$

Income Statement

For the Year Ended December $31$