Retained Earnings, December 31 , $ 2, 350, 000 20X 2 Sales 2, 6:00, 000 Selling and administrative* 240, 000 EXPENSES Earthquake loss ( pre- tax ) on plant 250, 000 ( extraordinary item ) Cash dividends declared on 53, 6:00 Common stock Cost of goods sold 1 ,000 ,000 Gain resulting from computation 520, 000 Error on depreciation charge in 2009 ( pre - tax ) Other revenue 80, 000 Other expenses 50,000 Instructions : Prepare in good form a Multiple - Step income Statement for the year 20XZ. ASSUME a 30% tax rate and that 100, 000 shares of common stock were outstanding during the year