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part of "income loss from discontinued...."

TRANSACTIONS: 1) CUSTOMER SALES 2) COGS 3) SELLING GENERAL & ADMINISTRATIVE EXPENSES 4) RESEARCH & DEVELOPMENT 5) INTEREST EXPENSE 6) LOSS FROM DISONTINUED OPS 7) GAIN ON DISPOSAL OF DISCONTINUED OPS 8) DIVIDEND AND INTEREST INCOME 9) INVENTORY OBSOLESCENSE WRITE-OFF 10) OVERSTATEMENT OF PNY DEPRECIATION 11) CASH DIVIDEND DECLARED 12) BEGINNING RETAINED EARNINGS 13) TAX RATE 14) COMMON STOCK OUTSTANDING 342,000 (87,500) (92,000) (57,000) (10,750) (18,000) 5,200 3,750 (7.200) 8,500 28,000 280,000 34.00% 250,000 REQUIRED: PREPARE THE 2017 MULTI-STEP INCOME STATEMENT: INCOME STATEMENT YEAR ENDED 12/31/17 SALES COGS GROSS PROFIT 342,000 (94,700) 247.300 SELLING, GENERAL & ADMINISTRATIVE EXPENSES RESEARCH & DEVELOPMENT (92.000) (57,000) TOTAL EXPENSES (149,000) INCOME FROM OPERATIONS 98,300 INTEREST AND DIVIDEND INCOME INTEREST EXPENSE 3,750 (10,750) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX 91,300 INCOME TAX (31,042 INCOME FROM CONTINUING OPERATIONS 60,258 INCOME (LOSS) FROM DISCONTINUED OPERATIONS (NET OF TAX) GAIN ON DISPOSAL OF DISCONTINUED OPERATIONS (NET OF TAX) (11,880) 3,432 NET INCOME 51,810 PER SHARE OF COMMON STOCK: CONTINUING OPERATIONS DISCONTINUED OPERATION 0.2410 (0.0338) NET INCOME 0.2072 REQUIRED: PREPARE RETAINED EARNINGS STATEMENT: RETAINED EARNINGS 01/01/17 CORRECTION OF UNDERSTATEMENT OF PAY NI (NET OF TAX) RETAINED EARNINGS 01/01/17 AS ADJUSTED 280,000 5,610 285,610 ADD NET INCOME 51,810 337,420 LESS DIVIDENDS DECLARED RETAINED EARNINGS 12/31/17 (28,000) 309,420