Exercise 4: Multiple Step Income Statement-Dallas Corporation The following account balances 2012. All accounts have were taken from the trial balance of Dallas Corporation as of June 30 normal balances 00420,000 31,150 Sales discounts Common Stock Sales Salaries Depreciation Expense Office furniture Equipment Travel expense-Sales personnel Frelghr-out (Deliv Depr Refained Eamings, July 1, 2011 61,1104 20,ovo .250 880,360 28,930 es 2.450,000 Wage B employees136709 Miscelldneous Ofice Expenses Dividend Revenue Allowance for Doubtful Accounts 38,000 45.000 oods Additional Information In March, 2012, the corporation discontinued the operations of its publishing division (a major component of ils business). During the current fiscal yeur, ihe pubist wy C operating loss of $110.000 and its assets were sold at a gain of $890.400 The corporation had a $20,000 loss on the sale of a manufacturing tacility (not related to the publishing division). The tax rate which applies to all items is 30%. There were 80,000 shares of common stock outstanding throughout the year. 1. 2. 3. 4. Instructions: Prepare a condensed fie, use function categories for operating expenses] multiple-step income statement for the Dallas Corporation for the year ended June 30, 2012 in proper form Round financial statement amounts to the nearest dollar, round earnings per share amounts to the nearest cent