The following balances were taken from the books of Dayton Corp. on December 31 of the current year. Land Allowance for doubtful accounts Accumulated depreciation-equipment Sales returns and allowances 5,200 28,000 Accrued liabilities 25,000 Interest revenue 18,000 63,000 Cash 21,000 95,000 Bonds payable 72,000 Notes Receivable Equipment 110,000 Sales 1,240,000 124,000 Retained earnings 16,000 Cost of goods sold 680,000 Inventory 39,000 Accounts payable 135,000 Prepaid insurance 14,000 Loss from earthquake damage 100,000 Common stock 340,000 Unearned Service Revenue 34,000 Investments 21,000 Administrative and general expenses 72,000 Sales discounts 30,000 Deferred taxes payable 24,000 Goodwill 22,000 Selling expenses 122,000 Accounts receivable 94,000 Accumulated depreciation-building 18,000 Interest expense 7,000 Notes payable 68,000 Building 585,000 Notes: The effective tax rate on all items is: Average common shares outstanding: Required: 34% 60,000 Prepare a multiple-step income statement for the year. (Using spreadsheet software, such as Excel, is recommended for this problem.)