Multiple step income statement Sales (net) $99,200.00 Interest expense $2,960.00 Cost of Goods Sold $52,960.00 Operating expenses $24,320.00 Common stock*, $5 par $17,600.00 Retained earnings 1/1/2019 $36,640.00 *22,000 outstanding shares / $5 par 3,520 shares Cash dividend declared and paid $1.28 per share Land sold pretax gain $5,040.00 Division X pretax gain $3,760.00 Division X pretax loss $(7,600.00) A tornado caused a pretax loss $(4,320.00) Income tax rate for all income items 30% Average shareholder's equity $72,000.00