Jogai Company prepared the following single-step income statement:
Jogai Company | Income Statement | For the Year Ended December 31, 2023
| | Sales | $ 500,000 | | Other Income - Interest | 3,500 | | Total Revenue | $ 503,500 | | Less: Expenses | | | Cost of Goods Sold | $ 270,000 | | | | Selling Expenses | 51,000 | | | | Administrative Expenses | 18,000 | | | Total Expenses | 339,000 | | Net Income | $ 164,500 |
If Jogai presented the information in a multiple-step format, what amount of net income would the company report? |
