The following are selected items derived from Dibb Company's adjusted trial balance on December 31, 2016:

Loss on sale of land	$5,000
Cost of goods sold	$130,000
Sales (net)	$198,000
Operating expenses	45,000

Twelve thousand shares of common stock were outstanding the entire year.

Required:

Assuming a 30% income tax rate on all items of income, prepare a 2016 income statement for Dibb's Company using a multiple-step format. Round earnings per share computations to two decimal places.

Assuming a 30% income tax rate on all items of income, prepare a 2016 income statement for Dibb's Company using a single-step format. Round earnings per share computations to two decimal places.

DIBB COMPANY Income Statement (Multiple-Step) For Year Ended December 31, 2016 Sales (net) Cost of goods sold Gross profit Operating expenses Operating income Other items Loss on sale of land Income before income tax Income tax expense Net income Components of Income EPS Net income Income Statement (Single-Step) For Year Ended December 31, 2016 Revenues Sales (net) Expenses Cost of goods sold Operating expenses 111 Loss on sale of land Income tax expense Total expenses Net income Components of Income EPS Net income $