Presented below is information related to Ivan Calderon Corp. for the year 2017. Net sales $1,300,000 Write-off of inventory due to obsolescence $ 80,000 Cost of goods sold 780,000 Loss on discontinued operations (before income tax) 55,000 65,000 50,000 48,000 45,000 Selling expenses Administrative expenses Dividend revenue Interest revenue Casualty loss Cash dividends declared Retained earnings at December 31, 2016 Effective tax rate of 34% on all items 980,000 20,000 7,000 Instructions: Prepare a multiple-step income statement for 2017. Assume that 60,000 shares of common stock are outstanding for the entire year