Ashford Trading uses a perpetual inventory system. The following adjusted balances relate to the year ended December 31, 2026. The tax rate is 30%.
| Account | Amount |
|---|
| Sales Revenue | $560,000 |
| Sales Returns and Allowances | 14,000 |
| Sales Discounts | 6,000 |
| Cost of Goods Sold | 324,000 |
| Salaries and Wages Expense | 110,000 |
| Rent Expense | 28,000 |
| Advertising Expense | 16,000 |
| Depreciation Expense | 14,000 |
| Insurance Expense | 4,000 |
| Interest Expense | 4,000 |
Required: Prepare a multi-step income statement for the year ended December 31, 2026.