Problem 4.4 The following account balances were included in the trial balance of Sandhill Corporation at June 30, 2017 Sales revenue $1,590,740 Depreciation expense (office furniture and equip Sales discounts 32.570 Property tax expense Cost of goods sold 899.700 Bad debt expense (selling) Salaries and wages expense (sales) 57.350 Maintenance and repairs expense (administratio Sales commissions 98,130 Office expense Travel expense (salespersons) 34,600 Sales returns and allowances Delivery expense 22,690 Dividends received Entertainment expense 14.980 Interest expense Telephone and Internet expense (sales) 9.100 Income tax expense Depreciation expense (sales equipment) 5.289 Depreciation understatement due to error-2014 Maintenance and repairs expense (sales) 5,707 Dividends declared on preferred stock Miscellaneous selling expenses 4.898 Dividends declared on common stock Office supplies used 3,373 Telephone and Internet expense (administration) 2.560 The Retained Earnings account had a balance of $361.900 at July 1, 2016. There are 78.560 shares of common stock outstanding. Using the multiple-step form, prepare an income statement for the year ended June 30, 2017 Problem 4.4 The following account balances were included in the trial balance of Sandhill Corporation at June 30, 2017 Sales revenue $1,590,740 Depreciation expense (office furniture and equip Sales discounts 32.570 Property tax expense Cost of goods sold 899.700 Bad debt expense (selling) Salaries and wages expense (sales) 57.350 Maintenance and repairs expense (administratio Sales commissions 98,130 Office expense Travel expense (salespersons) 34,600 Sales returns and allowances Delivery expense 22,690 Dividends received Entertainment expense 14.980 Interest expense Telephone and Internet expense (sales) 9.100 Income tax expense Depreciation expense (sales equipment) 5.289 Depreciation understatement due to error-2014 Maintenance and repairs expense (sales) 5,707 Dividends declared on preferred stock Miscellaneous selling expenses 4.898 Dividends declared on common stock Office supplies used 3,373 Telephone and Internet expense (administration) 2.560 The Retained Earnings account had a balance of $361.900 at July 1, 2016. There are 78.560 shares of common stock outstanding. Using the multiple-step form, prepare an income statement for the year ended June 30, 2017