The following balances were taken from the books of Carr Corp. on December 31 of the current year.

Accumulated depreciation equipment $ 56,000

Interest revenue $120,400

Land 140,000

Cash 71,400

Notes Receivable 217,000

Sales 1,932,000

Selling expenses 271,600

Accounts receivable 180,000

Accounts payable 238,000

Prepaid insurance 28,000

Sales returns and allowances 210,000

Bonds payable 140,000

Administrative and general expenses 135,800

Sales discounts 63,000

Allowance for doubtful accounts 9,800

Accrued liabilities 44,800

Accumulated depreciation building 39,200

Interest expense 84,000

Equipment 280,000

Retained earnings 29,400

Notes payable 140,000

Building 196,000

Loss from earthquake damage 210,000

Common stock 700,000

Cost of goods sold 869,400

Assume the total effective tax rate on all items is 34%.

Required: Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year.