1. The information below is taken from the December 31, 2016 adjusted trial balance of Rummer Company Sales Selling expenses General and administrative expenses Interest expense Sales discounts Loss on sale of a major component of the business (pretax) 700,000 25,000 50,000 15,000 10,000 15,000 Cost of goods sold for 2016 is $307,500. The income tax rate is 30%. Required: Prepare a 2016 income statement for Rummer Company, using a multiple- step format. Include a proper heading. (20 pts) Rummer Company Income Statement (Multi-step) For year ending December 31, 2016 Sales Sales Discounts Net sales Cost of Goods Sold