Prepare a multiple-step income statement with the following:

Net sales $1,313,600

Cost of goods sold 787,800

Selling expenses 68,800

Administrative expenses 56,500

Dividend revenue 21,900

Interest revenue 8,910

Write-off of inventory due to obsolescence $82,290

Depreciation expense omitted by accident in 2016 46,800

Casualty loss 50,600

Cash dividends declared 42,070

Retained earnings at December 31, 2016 1,048,990

Effective tax rate of 34% on all items