* At December 31, 2015 an analysis of the accounts and discussions with ABC Corporations officials revealed the following selected account information:

Sales revenue $950,000

Discontinued operations - loss, net of ________________ 56,000

Selling expenses 128,000

Cash 60,000

Accounts receivable 90,000

Common stock 200,000

Cost of goods sold 701,000

Accumulated depreciation-machinery 180,000

Dividend revenue 8,000

Unearned service revenue 4,400

Interest payable 1,000

Land 370,000

Patents 100,000

Retained earnings, January 1, 2015 290,000

Interest expense 17,000

Administrative expenses 170,000

Dividends declared 24,000

Allowance for doubtful accounts 5,000

Notes payable (maturity 7/1/18) 200,000

Machinery 450,000

Materials 40,000

Accounts payable 60,000

XYZ Corporations capital structure consists of 50,000 shares of common stock.

The amount of income tax (or tax benefit) applicable to ordinary income is $57,600.

The amount of income tax (or tax benefit) related to discontinued operations is $24,000.

Prepare a multiple-step income statement and retained earning statement.