ing 48. Multiple-step income statement. Presented below is information related to Farr Company. Retained earnings, December 31, 2017 Sales revenue Selling and administrative expenses Discontinued operations loss (pre-tax) Cash dividends declared on common stock Cost of goods sold Gain resulting from computation error on depreciation charge in 2016 (pre-tax) Other revenue Other expenses S 650,000 1,600,000 290,000 290,000 33,600 880,000 520,000 120,000 100,000 Instructions Prepare in good form a multiple-step income statement for the year 2018. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year