Income Statement and Related Information. complete a problem on the reporting of income and changes in retained earnings, including the effects of irregular items, accounting changes and other comprehensive i ncome - Problem- A partial trial balance showing ABC Co.'s equity, revenue, and expense account balances as of the company's December 31, 2017 year-end is presented below. Debits Credits Retained earnings (1/1/17) Dividends Unrealized holding loss - SHB shares (1/1/17) Dividend revenue Sales revenue Bad debts expense Cost of goods sold Depreciation expense Interest expense Salaries and wages expense Utilities expense S 418,265 S 196,000 72,810 45,790 3,277,200 41,400 2,046,385 79,230 52,890 591,615 47,960 In addition, the following information is available for the company for 2017. Unless indicated otherwise, this information has not yet been reflected in the company's accounts. All of the dollar amounts are stated on a before-tax basis. In August 2017, ABC sold land it was holding as an investment. ABC received S113,750 from the sale of the land. At the time of the sale, the land had a book value of S46,120 2.At year-end 2017, ABC decided to change its inventory cost flow method from Average Cost to FIFO. The effect of the change on 2017 and prior years is as follows 2017 Prior Years Cost of goods sold - Average Cost $2,046,385 $7,528,000 7,293,000 Cost of goods sold - FIFO 1,981,710 Note - The cost of goods sold figure in ABC's partial trial balance above reflects use of the old method (Average Cost) for 2017 3.In February 2017, ABC extinguished a portion of its bonds payable at a loss of S26,590 Income Statement and Related Information. complete a problem on the reporting of income and changes in retained earnings, including the effects of irregular items, accounting changes and other comprehensive i ncome - Problem- A partial trial balance showing ABC Co.'s equity, revenue, and expense account balances as of the company's December 31, 2017 year-end is presented below. Debits Credits Retained earnings (1/1/17) Dividends Unrealized holding loss - SHB shares (1/1/17) Dividend revenue Sales revenue Bad debts expense Cost of goods sold Depreciation expense Interest expense Salaries and wages expense Utilities expense S 418,265 S 196,000 72,810 45,790 3,277,200 41,400 2,046,385 79,230 52,890 591,615 47,960 In addition, the following information is available for the company for 2017. Unless indicated otherwise, this information has not yet been reflected in the company's accounts. All of the dollar amounts are stated on a before-tax basis. In August 2017, ABC sold land it was holding as an investment. ABC received S113,750 from the sale of the land. At the time of the sale, the land had a book value of S46,120 2.At year-end 2017, ABC decided to change its inventory cost flow method from Average Cost to FIFO. The effect of the change on 2017 and prior years is as follows 2017 Prior Years Cost of goods sold - Average Cost $2,046,385 $7,528,000 7,293,000 Cost of goods sold - FIFO 1,981,710 Note - The cost of goods sold figure in ABC's partial trial balance above reflects use of the old method (Average Cost) for 2017 3.In February 2017, ABC extinguished a portion of its bonds payable at a loss of S26,590