EPS disclosures assuming 300,000 shares of common stock were outstanding for 2016. The income tax rate is 25% Prepare a multistep income statement

The company's fiscal year end is December 31st. Income tax expense has not been determined. The following events also occurred during 2016. All transactions are material in amount unless otherwise noted. A chemical explosion caused $85,000 in uninsured damages to one of Langston warehouses. The explosion was considered to be an unusual event. In November 2016. Langston sold its Paint division that qualified as a component of an entity for $1, 200,000. The division generated "before tax income" of $320,000 from operations, from the beginning of the year through the date of disposal, and the book value of the division's assets was $600,000. $128,000 in restructuring costs were incurred in connection with corporate down>sizing. It was discovered that depreciation expense for 2015 was understated by $50,000 due to a mathematical error. Inventory that had a cost of $19,000 had become obsolete. The inventory was sold as scrap for $9,000. Langston Corporation experienced a foreign currency translation adjustment loss of $60,000. Investments were sold during the year at a loss of $12,000. Langston also had unrealized gains of $80,000 for the year on investments