The accountant of Latifa Shoe Co. has compiled the following information from the companys records as a basis for an income statement for the year ended December 31, 2014.

Rent revenue $ 29,000

Interest expense .. 18,000

Market appreciation on land above cost . 31,000

Salaries and wages expense (selling) 114,800

Supplies (selling) 17,600

Income tax .. 23,100

Salaries and wages expense (administrative) 135,900

Other administrative expenses . $ 51,700

Cost of goods sold 496,000

Net sales 980,000

Depreciation on plant assets (70% selling, 30% administrative) 65,000

Cash dividends declared . 16,000

There were 20,000 shares of common stock outstanding during the year.

PREPARE A SINGLE STEP INCOME STATEMENT