190,000 PRACTICE PROBLEM Presented below are 11 income statement items from Braun Company for the year ended December 31, 2017. Sales revenue $2,700,000 Cost of goods sold 1,150,000 Interest revenue 15,000 Loss from abandonment of plant assets 45,000 Gain from extinguishment of debt 28,000 Selling expenses 290,000 Administrative expenses Effect of change in estimated useful lives of fixed assets (included in administrative expenses) 35,000 Loss from earthquake 30,000 Gain on disposal of discontinued operation 50,000 Instructions (a) Using the information above, prepare a condensed multiple-step income statement. Assume a tax rate of 30% and 100,000 shares of common stock outstanding during 2017. (b) Compute comprehensive income for Braun in 2017, assuming Braun had an unrealized holding loss on an available-for- sale debt investment, net of tax, $12,000