Problem 117 Porter Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2017 an analysis of the accounts and discussions with company officials revealed the following information: Sales revenue Discontinued operations loss (net of tax) Selling expenses Accounts receivable Common stock Cost of goods sold Accumulated depreciation-machineny Dividend revenue Unearned service revenue Interest payable Land Patents Retained earnings, January 1, 2017 Interest expense Administrative expenses Dividends declared Allowance for doubtful accounts Notes payable (maturity 7/1/20) $1,217,010 56,840 128,850 58,800 91,280 200,000 697,200 176,528 7,620 4,050 1,040 367,310 113,070 288,175 17,990 172,700 23,680 4,670 186,750 441,320 43,450 64,280 Materials Accounts payable The amount of income taxes applicable to ordinary income was $62,367, excluding the tax effect of the discontinued operations loss which amounted to $24,360 Prepare a multiple-step income statement. INCOME STATEMENT