Multiple-step income statement Presented below is information related to Farr Company. Retained earnings, December 31, 2017 Sales revenue Selling and administrative expenses $ 650,000 1,600,000 290,000 Discontinued operations loss (pre-tax) 290,000 Cash dividends declared on common stock 33,600 Cost of goods sold 880,000 Gain resulting from computation error on depreciation charge 520,000 in 2016 Other revenue 120,000 Other expenses 100,000 Instructions Prepare in good form a multiple-step income statement for the year 2018. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year.