Norris Corporations capital structure consists solely of shares of common stock, 50,000 shares of which have been authorized. At 12/31/19, an analysis of the accounts on the adjusted trial balance and discussions with company officials revealed the following information:

Accounts payable $ 43,400

Accounts receivable 135,000

Accrued interest payable 1,500

Accumulated depreciation 270,000

Additional paid-in capital 470,000

Allowance for doubtful accounts 7,500

Bonds payable (maturity 7/1/24) 300,000

Bond sinking fund 33,000

Cash 30,000

Common stock, $10 par 200,000

Cost of goods sold 976,500

Dividend revenue 12,000

Dividends declared 43,500

Error in 2017 depreciation, taken in excess 60,000

General and administrative expenses 225,000

Interest expense 25,500

Inventory 187,500

Land 555,000

Loss on sale of assets from discontinued business segment, net of tax 90,000

Machinery and equipment 675,000

Marketable securities 60,000

Materials and supplies 60,000

Patents 150,000

Retained earnings, 1/1/19 435,000

Sales 1,650,000

Selling expenses 192,000

Unearned service revenue 16,600

Unrealized holding loss on available for sale securities, net of tax 28,000

The following information is also available:

The general and administrative expenses include a $50,000 loss incurred from an employee strike in November.

In February, 2020, before issuance of the financial statements, Norris learns that one of its major customers has filed for bankruptcy. Norris carries receivables of about $10,000 more than had been provided in the allowance.

Norris has not yet accrued income tax expense; the applicable rate is 30%. Required: Prepare a multiple step income statement in good form for the year ended 12/31/19, a separate statement of comprehensive income, a statement of retained earnings, and the classified balance sheet at 12/31/19.