DOP way. E4-13 (105) (Multiple-Step and Unusual Items) The following balances were taken from the books of Quality Fabrication Limited on December 31,03 Interest income Cash Sales reve Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtfil accounts Sales dicants Land $ 70,000 Accumulated depreciation-equip 40,000 Accumulated depreciation-buildings 1130,000 Notes receivable 122,000 Selling expenses 16,000 Accounts payable t 118,000 Bonds payable 6,000 Administrative expe 40,000 Usersed re 80,000 Interest expen $31,000 23000 12000 160.000 340,000 LOGO 0.000 30.000 Equipment Buildings Cost of goods sold Assuane the total effective tax rate on all items 2% Instructions 360,000 Notes payable 115,000 Lom from storm damage 504000 Depreciation expense 80,000 Prepare a multiple-step income statement showing expenses by fanetion. Assume that 150,000 enmmon shares were outstanding during the year Quality Fabrinution Slows ASPE but decides to dink EPS on him statement Comotion at December 13, 2013