1. Presented below is information related to Farr Company. Retained earnings, December 31, 2017 Sales revenue $ 650,000 Selling and administrative expenses 1,600,000 290,000 Discontinued operations loss (pre-tax) 290,000 Cash dividends declared on common stock 33,600 Cost of goods sold 880,000 Gain resulting from computation error on depreciation charge in 2016 (pre-tax) 520,000 Other revenue 120,000 Other expenses 100,000 Instructions Prepare in good form a multiple-step income statement for the year 2018. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year. (40 points)