The accountant of Sheridan 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		$30,400
Interest expense		19,400
Market appreciation on land above cost		32,400
Salaries and wages expense (selling)		116,200
Supplies expense (selling)		19,000
Income tax		38,800
Salaries and wages expense (administrative)		137,300
Other administrative expenses		53,100
Cost of goods sold		497,400
Net sales		981,400
Depreciation on plant assets (70% selling, 30% administrative)		66,400
Cash dividends declared		17,400

There were 21,870 shares of common stock outstanding during the year.

Prepare a multiple-step income statement.