Calculator Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2016, Opgenorth Company listed the following items in its adjusted trial balance: $17,000 160,000 Loss from fire (pretax) Interest revenue Selling expenses Cost of goods sold Loss on sale of equipment (pretax) $8,000 2,500 14,000 95,000 General and administrative expenses Sales Unrealized decrease in fair value of available-for-sale securities 1,800 2,000 Additional data: 1. Seven thousand shares of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income. Required: 1. Prepare a 2016 multiple-step income statement. OPGENORTH COMPANY Income Statement For Year Ended December 31, 2016 Sales 160,000 Cost of goods sold 95,000 65,000 Gross profit Operating expenses Selling expenses 14,000 General and administrative expenses 17,000 Total operating expenses 31,000 Operating income Other items Interest revenue 34,000 2,500 Loss from fire -8,000 Loss on sale of equipment -2,000 7,500 Income before income tax Income tax expense 26,500 7,950 Net Income 18,550 2. Prepare a 2016 single-step income statement. OPGENOM 2. Prepare a 2016 single-step income statement. OPGENORTH COMPANY Income Statement For Year Ended December 31, 2016 Revenues Net income Total revenues Expenses Total expenses