Prepare Multiple-step income statement. Presented below is information related to Farr Company. Retained earnings, December 31, 2010 $ 650,000 Sales 1,400,000 Selling and administrative expenses 240,000 Hurricane loss (pre-tax) on plant (extraordinary item) 290,000 Cash dividends declared on common stock 33,600 Cost of goods sold 780,000 Gain resulting from computation error on depreciation charge in 2009 (pre-tax) 520,000 Other revenue 120,000 Other expenses 100,000 Instructions Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year