Presented below is information for Ivanhoe Co. for the month of January 2022. Cost of goods sold $210,700 Rent expense $33,500 Freight-out 9,200 Sales discounts 8,000 Insurance expense 14,700 Sales returns and allowances 18,400 Salaries and wages expense 63,000 Sales revenue 398,000 Income tax expense 5,400 Other comprehensive income (net of $400 tax) 2,000 Your answer is correct. Prepare an income statement using the multiple-step format. IVANHOE CO. Income Statement For the Month Ended January 31, 2022 4 Sales Sales Revenue 398,000 Sales Returns and Allowances 18,400 Sales Discounts Sales Discount C 8 8,000 ,000 i 26,400 i Net Sales 371,600 Cost of Goods Sold 210,700 i Gross Profit 160,900 Operating Expenses Freight-Out 9,200 Insurance Expense 14,700 Salaries and Wages Expense 63,000 Rent Expense 33,500 Total Operating Expenses 120,400 Income Before Income Taxes 40,500 Income Before Income Taxes 40,500 Income Tax Expense 5,400 i Net Income /(Loss) 35,100 eTextbook and Media List of Accounts * Your answer is incorrect. Prepare a comprehensive income statement. IVANHOE CO. Comprehensive Income Statement For the Year Ended January 31, 2022 Comprehensive Income /(Loss) $ Gross Profit eTextbook and Media