Question $4(20$ marks$)$

Pace Provisions has year end on December $31,$ Year $7.$ All adjusting entries have been prepared. Closing entries have not been done. Pace Provisions has provided you with the following list of accounts with normal balances:

J$.$ Pace, capital

Land

Sales discounts

Supplies expense

Interest revenue

Mortgage payable

Cash

Accounts receivable

Unearned service revenue

Salary expense

Accounts payable

Accumulated amort.$-$building

Equipment

Prepaid insurance

Interest expense

J$.$ Pace, withdrawals

Sales revenue

Interest receivable

Inventory

Accumulated amort.$-$equipment $12,000$

Insurance expense $21,000$

Salary payable $6,000$

Supplies $4,000$

Cost of goods sold $156,000$

Sales returns and allowances $13,000$

Amortization expense$-$building $8,000$

Amortization expense$-$equipment$8,000$

Interest payable $14,000$

Utilities expense $8,000$

Delivery expense $7,000$

Building $115,000$

Required

Prepare a multi$-$step income statement for the year ended December $31,$ Year $7.$