Income Statement and Retained Earnings The Huff Company presents the following partial list of account balances taken from its December 31, 2016 adjusted trial balance: Sales (net) $123000 Operating expenses $25700 Interest expense 4000 Common stock, $5 par 11000 Cost of goods sold 53000 Retained earnings, 1/1/2016 47000 The following information is also available for 2016 and is not reflected in the preceding accounts: The common stock has been outstanding all year. A cash dividend of $1.7 per share was declared and paid. Land was sold at a pretax gain of $5900. Division X (a major component of the company) was sold at a pretax gain of $4640. It had incurred a $9490 pretax operating loss during 2016. A tornado, which is an unusual event in the area, caused a $5360 pretax loss. The income tax rate on all items of income is 30%. The average shareholders equity is $90000. Required: 1. Prepare a 2016 multiple-step income statement for Huff. Round earnings per share computations to two decimal places