(TCO C) Presented below is information related to Tidal Wave Company.

Retained earnings, December 31, 20X2	$ 2,350,000
Sales	2,600,000
Selling and administrative expenses	240,000
Earthquake loss (pre-tax) on plant (extraordinary item)	250,000
Cash dividends declared on common stock	53,600
Cost of good sold	1,000,000
Gain resulting from computation error on depreciation charge in 2009 (pre-tax)	520,000
Other revenue	80,000
Other expenses	50,000

Instructions: Prepare in good form a multiple-step income statement for the year 20X2. Assume a 30% tax rate and that 100,000 shares of common stock were outstanding during the year.