Interest Revenue $8000 Interest expense $20,000

Sales Revenure $605000 Gain from discounted operations $15,000

Cost of Good sold $371,000 Preferred Stock $60,000

selling expenses 74,000 Common Stock $1,000,000

Administrative and general expenses $67000 Retained Earning $631,000

Dividends: Shared outstanding:

Preferred $4800 Preferred $6,000

Common $50,000 Common $200,000

Assume the total total effective tax rate on all items is 22%.

Prepare a multiple step income statement in accordance with generally accepted accounting principles.