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Problem 3: Presented below is information related to Macaw Corp., for the year 2019. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,990,000 1,310,000 65,000 84,000 28,000 21,000 Interest expense Write-off of goodwill due to impairment Depreciation expense omitted in 2017 Dividends declared Effect on prior years of change in accounting principle (credit) Loss from operations of discontinued component of business Gain from disposal of component of business Federal tax rate of 30% on all items 39,000 81,000 101,000 115,000 202,000 251,000 280,000 Instructions Prepare a multiple-step income statement for 2019. Assume the 200,000 shares of common stock were outstanding during 2019