Presented below is information related to XYZ Company for the year 2016. Prepare a Multi-step income statement and a Retained Earnings statement for 2016. $3,500,000 Net Sales 20,250 Investment revenue 1,600,000 Cost of Goods Sold 70,000 Major casualty loss that was unusual and infrequent before tax) 300,000 Selling expenses 15,000 Dividends declared 20,000 Interest expense 400,000 Administrative expense 16,000 Loss from operations of discontinued segment (before tax) Effect on prior years of change in accounting method (credit) (before tax) 150,000 10,000 GAIN from disposal of assets of discontinued segment (before tax) 600,000 Retained earnings, January 1, 2016 50,000 Depreciation expense omitted in error in 2014 (before tax) Assume a Federal tax rate on all items 30% except for items that you know are always after tax amounts. Weighted average of common shares outstanding for 2016 was 50,000 shares