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, a 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.