Aldermoor Trading uses a perpetual inventory system. The following adjusted balances relate to the year ended December 31, 2025. The tax rate is 25%.
| Account | Amount |
|---|
| Sales Revenue | $600,000 |
| Sales Returns and Allowances | 16,000 |
| Sales Discounts | 4,000 |
| Cost of Goods Sold | 348,000 |
| Salaries and Wages Expense | 112,000 |
| Rent Expense | 30,000 |
| Advertising Expense | 20,000 |
| Depreciation Expense | 16,000 |
| Insurance Expense | 6,000 |
| Interest Expense | 8,000 |
Required: Prepare a multi-step income statement for the year ended December 31, 2025.