best Corporation provided the following account balances as of the end of the current year. The company is subject to a 30%income tax rate.

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Requirement

Prepare asingle-step and amultiple-step statement of net income for BestCorporation.

Best Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Account Debit Credit Dividends $27,000 Sales $1,600,000 Interest Income 7,300 Dividend Income 6,600 Unrealized Gain on Trading Securities 26,000 Gain on Disposal of Plant Assets 24,000 Gain on Flood Damage-Before Tax 20,000 Gain on Discontinued Operations-Before Tax 33,000 Cost of Goods Sold 68,000 Sales Salaries Expense 38,000 Office Supplies Expense 25,500 Advertising Expense 87,000 Office Salaries Expense 39,000 Systems Consulting Fees-General 26,000 Selling Expenses 83,000 Accounting and Legal Fees-Administrative 38,000 Depreciation Expense-General 105,000 Amortization Expense-General 15,000 Interest Expense 16,000 Loss on Asset Impairment 66,000 Unrealized Loss on Available-for-Sale Bonds

5,800