From the adjusted trial balance given below for the Grayson Company, prepare a multiple-step income statement in good form. Salaries expense and building depreciation expense should be equally divided between selling activities and the general and administrative activities. Grayson Company Adjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation store cquipment Building Accumulated depreciation building Accounts payable Salarics payable Common stock Retained earnings ividends Sales Sales discounts Sales returns and allowances $19,500 27,000 38.000 1.200 80,000 $ 25,000 260.000 121.600 28.500 10.000 50,000 119,900 45,000 150.000 ost of goods sold Salaries expense Depreciation expense store equipthent Depreciation expeuse-building Advertising expense ffice supplies expense Gain on disposal of store equipment ulerest expense Torals 8.000 24.500 210,000 38,000 16,000 24.000 12.300 ,500 ,000 1.000

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