Step-by-step explanation:
The preparation of the corrected multiple -step income statement is shown below:
Curbstone Company
Income Statement
For the Year Ended August 31, 2016
Sales revenue $8,595,000
Less: Cost of merchandise sold -$6,110,000
Gross profit $2,485,000
Less: Operating expenses
Selling expenses $800,000
Administrative expenses $575,000
Delivery expense $425,000
Total operating expenses -$1,800,000
Income from operations $685,000
Other income and expenses
Interest revenue $45,000
Net income $730,000