IV. (32 points) Multiple-step income statement. The following partial list of pre-tax account balances (in dollar) were taken from the year-end pre- closing trial balance of Garden Co. on 12/31/2016 for its regular business divisions. Aceounts payable $ 36,000f General and administrative expenses $ 10,000 | Accumulated deprecation 24,000 Interest payable 600- | Common stock 120,000 | Interest expense 1,200 | Cost of goods sold 80,000 | Other operating expenses 3,000 Dividends 500 Retained earnings 260,000 Extraordinary losses 8,000 Sales 150,000 Losses on damaged inventory 800 | Selling expenses 17,000 In addition, it is also known that: (1) In November 2016, the company adopted a plan to discontinue and sell one of its business components Division D. The net assets of this component were sold on 12/16/2016 for $350,000. Its book value of such net assets, at the time of the disposal, was $360,000. It is also known that during 2016, Division D, pre-tax, generated sales of $40,000 while incurred costs and expenses of $65,000. (2) The company was subject to a 40% income tax rate. Required 1: (28 points) Based on above information, prepare, on next page, a multiple-step income statement (excluding the earnings per share section), in a good format, for Garden Co. for the year 2016. Round your calculations to two decimal places, if needed. Required 2: (4 points) Identify and briefly discuss at least two types of useful information that an information user can obtain by looking at this company's multiple-step income statement