Presented below is information related to Fulton Inc.

Retained earnings, December 31, 2018 $650,000

Sales 1,400,000

Selling and administrative expenses 240,000

Cash dividends declared on common shares 33,600

Cost of goods sold 820,000

Other revenue 60,000

Other expenses 50,000

Instructions

In good form, multiple-step income statement for the year 2019. Assume a 20% tax rate and that 50,000 common shares were outstanding during the year. Fulton is a private corporation following ASPE.

**Big Hint:Dividends do NOT appear on the Income Statement.