Multiple-Step Income Statement
Shown Below Is a Recent Income Statement

Multiple-step income statement
Shown below is a recent income statement for Phaeton, Inc.:
$\begin{array} { c } \text {PHAETON LMMTE }\\ \text {Income Statement }\\ \text {For the Year Ended December 31,2010 }\\\begin{array}{|l|r|r|r|}\hline \text { Sales } & & & \$ 6,000,000 \\\hline \text { Cost and expenses: } & & & \\\hline \text { Cost of goods sold } & \$(4,200,000) & & \\\hline \text { Operating expenses } & (900,000) & & \\\hline \text { Interest expense } & (150,000) & & (\$ 5,250,000) \\\hline \text { Profit before income taxes } & & & \$ 750,000 \\\hline \text { Income taxes } & & & (360,000) \\\hline \text { Profit } & & & \$ 390,000\\\hline\end{array}\end{array}$ Prepare an income statement for the year in a multiple-step format. (Use the grid provided below.)
$\begin{array} { c } \text {PHAETON LMMTE }\\ \text {Income Statement }\\ \text {For the Year Ended December 31,2010 }\\\begin{array}{|l|r|r|r|}\hline \text { Sales } & & & \$ 6,000,000 \\\hline \text { }\\\hline \text { }\\\hline \text { }\\\hline \text { }\\\hline \text { }\\\hline \text { }\\\hline \text { }\\\hline\end{array}\end{array}$