Prepare a multi-step income statement

Empire Corporation INCOME STATEMENT December 31, 2015 S937,000 . 19,500 (416,000) .151,000) Sales Gain on the sale of equipmen.t....19, Cost of merchandise sold ment... Selling expenses Administrative expenses Interest expense Income before special itemsI53,000 Special items .215,000) ..13.000) Loss on operations of discontinued component. (22,000) Loss on disposal of a component of the business ...(30,000) (60,000) .. .3,500 -(27,900) S 35,100 Major casualty loss (extraordinary item .. Net federal income tax liability.. Net income Instructions Prepare a multiple-step income statement for 2015 for Empire Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology). Empire Corporation has 70,000 shares ofcommon stock outstanding and has a 30% federal income tax rate on all tax related items. tiple-step income statement for 2015 for Empire Corporation that is presented in accordance Round all earnings per share figures to the nearest cent