Prepare a multiple-step income statement for Art Center Corp. The company has a tax rate of 25%.

The following information is available for Art Center Corp. for the year ended December 31, 2012.

Other revenues and gains

$ 8,000

Net sales

$442,000

Other expenses and losses

3,000

Operating expenses

187,000

Cost of goods sold

147,000

Prepare a multiple-step income statement for Art Center Corp. The company has a tax rate of 25%.