Retained earnings, classified balance sheet, closing entries and multi-step income statement

41. Balance Sheet, Income statement, retained earnings statement, and closing entries. Porter Corporation's capital structure consists of 50,000 shares of common stock and 39,000 .prcferr.ed stocks. At December 31, 2024, an analysis of the accounts and discussions with company officials revealed the following information: Sales revenue _ ' $1,250,000 Discontinued operations loss (before tax) 90,000 Selling expenses 128,000 Cash (includes $55,000 restricted for plant expansion) 95,000 Accounts receivable 90,000 Common stock 120,000 Preferred stork 80,000 Cost of goods sold 700,000 Accumulated depreciation-machinery 180,000 Dividend revenue 8,000 Unearned service revenue 4,400 Interest payable 1,000 Land 370,000 Additional Paid in Capital 57,900 Patents 100,000 Retained earnings, January 1, 2024 270,000 Interest expense 17,000 Administrative expenses 170,000 Dividends declared - Preferred 15,000 Dividends declared Common 9,000 Allowance for doubtful accounts 5,000 Notes payable (maturity 7/1/27) 200,000 Machinery 450,000 Inventory 40,000 Calculation mistake over estimated depreciation last year 50,000 Accounts payable 60,000 Federal tax rate of 30% on all items. Instructions (a) Prepare a retained earnings statement. (b) Prepare a report form classified balance sheet. (c) Prepare all closing entries (d) Prepare a multiple-step income statement