Cullumber Corporation is subject to a 30% income tax rate.

Prepare a multiple-step income statement in good form for Cullumber Corporation (earnings per share information is not required).

AR 95000

RE 274000

loss on operations (before tax)		100,000
Sales revenue		1,206,000
Cost of goods sold		735,000
Selling expenses		129,000
Cash		61,000
Common shares (25,000 common shares outstanding)		250,000
Dividend revenue		17,800
Inventory		129,000
Unearned service revenue		3,500
Land		375,000
Interest expense		18,200
Administrative expenses		155,000
Notes payable (maturity 2023)		248,000
Accounts payable		60,100
Gain on sale of discontinued operations (before tax)		149,000
Depreciation expense		50,800
Loss on sale of equipment (before tax)		12,600