(5 points) Information (in dollars) related to L Service Company for 2016 follows.

Sales revenues 12,350,000

Cost of services provided 5,000,000

Selling, general, and administrative expenses 2,670,000

Investment income 187,000

Gain on the disposal of the tax preparation division * 825,000

Operating income of the tax preparation division up until its disposal * 922,000

Interest expense 147,000

Miscellaneous expenses 84,000

* The tax preparation division was considered a component

Prepare an income statement in good form for the year 2016. Assume a 32% tax rate and that 140,000 shares of common stock were outstanding during all of 2016.

(3 points) Because of a flood, Josephus Corporation lost most of its accounting records. The CFO kept certain data related to the income statement. The data follow:

Sales returns and discounts were $15,000

Interest expense was $16,000

Cost of goods sold was $300,000

Selling, general, and administrative expenses are 25% of cost of goods sold but only 10% of gross sales

Josephus income tax rate is 30%

Josephus had 120,000 shares of common stock outstanding during the year

From the previous data, prepare an income statement in good form.