LO #7 - EXPLAIN HOW TO REPORT OTHER COMPREHENSIVE INCOME EXERCISE 4-17 Revenues Sales revenue Rent revenue Total revenues.. Expenses Cost of goods sold.... Selling expenses ............. Administrative expenses Total expenses. Income from operations Other revenues and gains Gain on sale of equipment. Other expenses and losses Inventory loss.... Income from continuing operations before income tax..... Income tax.. Income from continuing operations. Discontinued operations Loss on discontinued operations Less: Applicable income tax reduction Net income Per share of common stock: Income from continuing operations .. Loss on discontinued operations, net of tax Net income E4-17 (L03,4,6,7) (Various Reporting Formats) The following information was taken from the records of Roland Carlson Inc. for the year 2017: income tax applicable to income from continuing operations $187,000, income tax applicable to loss on discontinued operations $25,500, and unrealized holding gain on available for sale securities (net of tax) $15,000 Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $ 95,000 75,000 240,000 40,000 60,000 Cash dividends declared Retained earnings January 1, 2017 Cost of goods sold Selling expenses Sales revenue $ 150,000 600,000 850,000 300,000 1,900,000 Shares outstanding during 2017 were 100,000. Instructions (a) Prepare a single-step income statement (b) Prepare a comprehensive income statement for 2017, using the two statement format. (c) Prepare a retained earnings statement for 2017