Please Prepare a Multi-Step Income Statement for the year ended Dec 31, 2016. Thank you!

1 The following account balances are available for The Clothing Outlet, Inc., a discount retailer, as of and for the year ended December 31, 2016, except for the retained earnings balance which is stated below as of January 1, 2016: Cash. $2,638,000 Accounts receivable. ..$5,000,000 Marketable securities. $20,000,000 Prepaid insurance....... $2,400,000 Inventory.. ..$6,000,000 Equipment.. .$50,000,000 Accumulated depreciation: equipment...$8,000,000 Buildings.... $52,700,000 Accumulated depreciation buildings......$15,000,000 Land... ..$6,000,000 Investments (long-term). ..$4,000,000 Accounts payable.... $10,000,000 Income taxes payable. $6,000,000 Salaries payable.. $4,000,000 Dividends payable.. ..$3,000,000 Interest payable... ..$500,000 Unearned Revenue. ..$700,000 Notes payable (long-term). ..$4,100,000 Bonds payable (long term). $8,000,000 Common stock..... ..$21,000,000 Retained Earnings (as of Jan. 1, 2016)...$8,400,000 Dividends declared... $5,000,000 Sales......... $220,000,000 Cost of goods sold.. .$52,800,000 Interest revenue... $1,500,000 Interest expense. ..$5,200,000 Income tax expense. ...(tax rate 38%) Selling expenses: Sales salaries and commissions. $18,000,000 Insurance expense... ...$5,600,000 Advertising expense... $8,500,000 Utilities expense.. $7,000,000 Depreciation expense: equipment. .$600,000 Delivery expense.. $700,000 General and administrative expenses: Executive and administrative salaries......$12,700,000 Utilities expense.. ..$4,200,000 Rental expense..... $800,000 Depreciation expense: buildings. $500,000