View Policies Current Attempt in Progress Metlock Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2021. The following information has been taken from the adjusted trial balance: Accounts payable Cash dividends-common Common shares Cost of goods sold Dividends payable Income tax expense Income tax payable $25,000 58,500 200,000 300,000 14,700 28,500 2,000 Interest expense Notes payable Retained earnings (Aug. 1, 2020) Salaries expense Sales Supplies expense Unearned revenue $6,000 118,500 318,400 140,000 659,000 11,500 12,900 All accounts have normal balances and total assets equal $806,000. Metlock has a 20% income tax rate. Prepare a multiple-step income statement. METLOCK INC. Income Statement $ > A