The accountant of Headland Shoe Co. has compiled the following information from the companys records as a basis for an income statement for the year ended December 31, 2017.

Rent revenue		$32,200
Interest expense		21,200
Market appreciation on land above cost		34,200
Salaries and wages expense (selling)		118,000
Supplies expense (selling)		20,800
Income tax		40,600
Salaries and wages expense (administrative)		139,100
Other administrative expenses		54,900
Cost of goods sold		499,200
Net sales		983,200
Depreciation on plant assets (70% selling, 30% administrative)		68,200
Cash dividends declared		19,200

There were 20,130 shares of common stock outstanding during the year.

1. Prepare a multiple-step income statement.