Question 2 The following information is related to Headland Company for 2017. Retained earnings balance, January 1, 2017 $985,470 26,100,500 Sales Revenue Cost of goods sold 16,248,000 Interest revenue 76,300 Selling and administrative expenses 4,796,300 Write-off of goodwill 839,700 Income taxes for 2017 1,349,100 Gain on the sale of investments 115,500 Loss due to flood damage 398.800 Loss on the disposition of the wholesale division (net of tax) 451.200 Loss on operations of the wholesale division (net of tax) 91.620 Dividends declared on common stock 242,600 Dividends declared on preferred stock 85,750 Headland Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Headland sold the wholesale operations to Rogers Company. During 2017, there were 457,500 shares common stock outstanding all year. (a1) Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.) HEADLAND COMPANY Income Statement Sales Revenue Cost of Goods Sold Gross Profit/(Loss) Selling and Administrative Expenses Income from Operations Other Revenues and Gains Interest Revenue Gain on the Sale of Investments Other Expenses and Losses Write-off of Goodwill Loss from Flood Damage Income from Continuing Operations Before Income Tax Income Tax Income from Continuing Operations Discontinued Operations Loss on Operations, Net of Tax Loss on Disposal, Net of Tax Net Income (Loss) Earnings Per Share Income from Continuing Operations Discontinued Operations Loss on Operations, Net of Tax Loss on Disposal, Net of Tax Net Income (Loss)