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PLEASE HELP! WILL RATE! Presented below is information related to Donaldson Corp., for the year 2017. Net sales $1,950,000 Cost of goods sold 1,200,000 Selling

PLEASE HELP! WILL RATE!

Presented below is information related to Donaldson Corp., for the year 2017.

Net sales $1,950,000
Cost of goods sold 1,200,000
Selling expenses 95,000
Administrative expenses 70,000
Dividend revenue 30,000
Interest revenue 20,000
Interest expense 45,000
Write-off of goodwill due to impairment 75,000
Depreciation expense omitted in 2015 105,000
Dividends declared 120,000
Effect on prior years of change in accounting principle (credit) 220,000
Loss from operations of discontinued component of business 240,000
Gain from disposal of component of business 300,000
Federal tax rate of 30% on all items

Prepare a multiple-step income statement for 2017. Assume the 200,000 shares of common stock were outstanding during 2017

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