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[The following information applies to the questions displayed below) Toys"R"Us sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021 2 Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1, 2621) Cost of goods sold 372,00 Inventory (Par. 31, 2021) 5,500 Insurance expense 3,400 Sales discounts 6.600 Salaries expense 2,350 Income tax expense 35,350 $1,000 1,850 2,550 8,500 3,300 Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021 Answer is not complete. TOYS "R"US Multiple step Income Statement For the month of March 20121 Notes Total $ 72.800 Le Secounts (2.550) s 70 250 Cost of goods sold (35.350) Income tax expense Ints Gain on sale or Inventory (Mar. 1, 2021) Cost of goods sold 2,350 35,350 Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021. Answer is not complete. TOYS"R"US Multiple-step Income Statement For the month of March 2021 Net sales $ 72.800 (2.550) Total sales revenue Less Sales discounts Net sales revenue Cost of goods sold $ 70.250 (35,350) > 34.900 Gross profit Operating expenses Advertising expense Rent expense Insurance expense Salaries expense 0000 5,500 3,400 1,850 8.500 19.250 15 650 Total Operating income Non-operating items Gain on sale of building 6600 Total Income before income taxes Income tax expense 9,050 3.300 Net income > $ 5,7503

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