Instructions Prepare an income statement for the year 2017 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement. Common shares outstanding for the year are 120,000 shares (Assume a tax rate of 30% on all items, unless indicated otherwise.) Multiple- and Single-Step Statements, Retained Earnings Statement) The following account balances were included in the trial balance of Twain Corporation at June 30, 2017 $1,578,500 Depreciation expense (otfice furniture and equipment) Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) s 7.250 896,770 Property tax expense 56,260 Bad debt expense (selling) 97600 Maintenance and repairs 28,930 expense [administration) Office expense 9,130 21,400 14,820 9030 Sales retuns and allowarnces Dividends received Interest expense Income tax expense Depreciation understatement 38,000 expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense due to error -2014 (net of tax) Dividends declared on preferred stock Dividends declared on common stock 37,000 The Retained Earnings account had a balance of 5337000 at July 1, 2016. There are 80,000 shares of common stock outstanding. (a) Using the multiple-step form, prepare an income statement and a retained earnings statement for the year ended June 30, b) Using the single-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2017