Below is Sloane Company's income statement for 2017 that was prepared by an inexperienced accountant. Sloane Company Income Statement As of December 31, 2017 Revenues Sales revenue . .. . Gain on sale of investment. Interest payable $290,550 4,000 2,700 2,000 1,500 18,000 318,750 ulated depreciation Total revenue. Less operating expenses Indirect manufacturing labor costs.. Utilities expense.. Direct manufacturing labor costs. 9,200 42,000 50,000 95,000 2,500 4,550 27,000 38,000 4,000 Direct materials purchased Insurance expense.... Restructuring costs Rent expense Other factory indirect costs .. 34,400 5,000 Research and development expense Prepaid insurance Short-term investment 4,000 8,000 Total operating expenses Net operating loss 333,550 (S14,800 Seventy five percent (75%) of utilities expense and 70% of insurance expense are for factory operations. Apply the remaining utilities and insurance expenses equally to selling and administrative expenses. b Eighty percent (80% of the rent expense is associated with factory operations. Allocate the remaining rent equally to selling and administrative expenses. c. Factory equipment was purchased January 1,2016. It was estimated that the useful life of the equipment is 5 years and the residual value S5,000. The $18,000 accumulated depreciation above is for 2016. No depreciation was charged for 2017. The company uses the double-declining balance method of depreciation. d. Inventory balances are January 1,2017 December 31, 2017 $4,600 $9,000 $24,000 S7,000 $12,000 S30,000 Direct materials Work-in-process Finished goods e. The company's tax rate is 20%. The president is disappointed with the results of operations and has asked you to review the income statement and make a recommendation as to whether the company should look for a buyer for its assets. Required: 1. As one step in gathering data for the president, prepare a corrected schedule of cost of goods manufactured for the year endecd December 31,2017 2. As a second step, prepare a new multiple-step income statement for the year ended December 31, 2017 3.Calculate the cost of producing one greetings card if the company produced 110,000 cards in 2017 (round your answer to two decimal points) 4. Should the company sell its assets and get out of business? Explain