Preparing a Multiple Step Income Statement The adjusted trial Balance for the Year ended December 31, 2010, For ELM Company is shown below: ELM Company Adjusted Trial Balance For the Year ended December 31, 2010 Cash 14,500 Accounts Receivable 11,100 Merchandise Inventory 29,000 Prepaid Insurance 2,500 Store Equipment 95,000 Accumulated Depreciation 18,000 Notes Payable 25,000 Accounts Payable 10,600 Common Stock 70,000 Retained Earnings 11,000 Dividends 12,000 Sales 536,800 Sales Returns and Allowances 6,700 Sales Discounts Cost of Goods Sold 363,400 Freight Out 7,600 Advertising Expense 12,000 Store Salaries Expense 56,000 Utilities Expense 18,000 Rent Expense 24,000 Depreciation Expense 9,000 Insurance Expense 4,500 Interest Expense 3,600 Interest Revenue 2.500 Total 673,900 673,900 5,000 Instructions: Given this data, prepare a multiple-Step Income statement for ELM Company, assuming a tax rate of 30%