Exercise 5-8 (Part Level Submission)In its income statement for the year ended December 31

Exercise 5-8 (Part Level Submission)In its income statement for the year ended December 31, 2014, Gavin Company reported the following condensed data.Salaries and wages expenses$855,600Loss on disposal of plant assets$ 153,640Cost of goods sold1,816,080Sales revenue4,066,400Interest expense130,640Income tax expense46,000Interest revenue119,600Sales discounts294,400Depreciation expenses570,400Utilities expense202,400WarningDon’t show me this message again for the assignmentOk Cancel (a)Prepare a multiple-step income statement.(List other revenues before other expenses.)GAVIN COMPANYIncome StatementFor the Year Ended December 31, 2014 DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales$ Add Less : DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales$ DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales$ DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales$ DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

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Exercise 5-8 (Part Level Submission)In its income statement for the year ended December 31

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