Problem 1 (15 Points) The following information was taken from the records of Roland Carlson Inc. for the year 2014 income tax applicable to income from continuing operations $187,000, income tax applicable to loss on discontinued operations $25,500, and unrealized holding gain on available-for-sale securities $15,000. Gain on sale of equipment $95,000 Loss on discontinued operations 75,000 Administrative expenses 240,000 Rent revenue 40,000 Loss on write-down of inventory 60,000 Shares outstanding during 2014 were 100,000. Instructions (a) Prepare a single-step income statement. (b) Prepare a comprehensive income statement for 2014, using the two statement format (c) Prepare a retained earnings statement for 2014 Cash dividends declared $ 150,000 Retained earnings January 1,2014 600,000 Cost of goods sold 850,000 Selling expenses 300,000 Sales revenue 1,900,000