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The information below relates to the operations of Cullumber Corporation, a private company following ASPE, for the year ended December 31, 2020:

Cost of goods sold		$348,000
Interest expense		2,590
Sales returns and allowances		9,170
Accounts payable		120,198
Sales discounts		3,692
Depreciation expense		284,540
Sales revenue		982,096
Salaries and wages expense		163,592
Prepaid expenses		3,530
Rent expense		37,100
Loss from fire		8,338
Rental revenue		23,506

Additional information:

		The effective tax rate is 20%.
		Depreciation expense: 70% administrative expense and 30% selling expense
		Salaries and wages expense: 40% administration expense and 60% selling expense
		Rent expense: 75% administration expense and 25% selling expense

Prepare a multiple-step income statement in good form by function. (Enter selling expenses before administrative expenses. Round answers to 0 decimal places, e.g. 5,275.)

Cullumber Corporation Income Statement For the month ended December 31, 2020For the year ended December 31, 2020December 31, 2020
						$
				$
						$
		$
		$

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