Browning Company has the following ledger accounts and adjusted balances as of December 31, 2017.All accounts have normal balances.Browning's income tax rate is 40%.Browning has 300,000 shares of Common Stock authorized and 100,000 shares of Common Stock issued and outstanding.

Accounts Payable..................................26,000

Accounts Receivable.............................. 180,000

Accumulated Depreciation-Building............50,000

Administrative Expenses.........................40,000

Allowance for Doubtful Accounts...............20,000

Mortgage Payable .................................250,000*

Building............................................. 500,000

Cash.................................................26,000

Common Stock....................................300,000

Cost of Goods Sold...............................380,000

Dividends..........................................20,000

Income from Operations of Division X........40,000

(Division X is a component of Browning Company)

Interest Revenue................................... 20,000

Inventory.............................................280,000

Land (held for future use)......................... 200,000

Loss from Sale of Division X........................... 80,000

(Division X is a component of Browning Company)

Loss on Sale of Investments..................... .. 10,000

Paid-In Capital in Excess of Par..................116,000

Patent................................................ 30,000

Prepaid Insurance..................................10,000**

Retained Earnings, January 1, 2017............ 250,000

Sales Discounts..................................... 20,000

Sales Revenue......................................990,000

Selling Expenses.................................. 130,000

*$25,000 of the principal comes due in 2018.

**Two years insurance paid in advance.

Please solve for:

a) multiple-step income statement

b) retained earnings statement

c) classified balance sheet.