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The accountant for Meilleur Merchants Inc. is approaching the completion of the last few adjusting journal entries for the fiscal year ending December 31, 2017. Some items remain outstanding and a few calculations need to be made before the financial statements can be prepared. Meilleur Merchants reports profit using a multi-step income statement. The following is a partial list of the general ledger account balances. Dividends Declared - Preferred $1,700 Interest expense 2,170 Cost of goods sold 234,500 Retained earnings Jan. 1 208,000 Dividends Declared - Common 4,500 Rent revenue 1,900 Sales 390,200 Interest revenue 940 Operating expense 58,670 Additional information: 1. Meilleur's income tax rate is 30% 2. During the year, Meilleur disposed of its financing division which was not worth continuing. Prior to the sale, the division operated at a loss before tax of $14,000. The loss on the sale of the division was in the amount of $24,000 before taxes. 3. Meilleur's accountant found an error in the amount used to record salaries expense for December 31, 2016. The expense had been overstated by $4,100.Prepare an adjusting journal entry for the correction of the error. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31Prepare a multi-step income statement for the year ended December 31, 2017. (Round answer to 0 decimal places, e.g. 5,276.) MEILLEUR MERCHANTS INC. Income Statement Year Ended December 31, 2017 $\fPrepare the journal entry for the income tax expense for the year. (Exclude any income taxes relating to the discontinued operations). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31