The following balances were taken from the books of Flint Corp. on December 31, 2017. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,900 52,900 1,381,900 151,900 21,900 151,900 8,900 46,900 101,900 201,900 141,900 622,900 Accumulated depreciation equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $41,900 29,900 156,900 195,900 171,900 101,900 98,900 33,900 61,900 101,900 151,900 501,900 22,900 Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 deci FLINT CORP. Income Statement For the Year Ended December 31, 2017 Revenue T Sales Revenue 2 1381900 Less Sales Returns and Allo 151900 1519 T Sales Discounts 46900 198800 T Net Sales 1183100 TCost of Goods Sold T 622900 Gross Profit/ (Loss) T 560200 TOperating Expenses T Selling Expenses 195900 T Administrative Expens 98900 294800 TIncome From Operations 265400 Tother Revenues and Gains T Interest Revenue 87900 177500 TOther Expenses and Losses T Interest Expense 61900 T Loss from Earthquake 151900 Income Before Income Tax (36300) 1 Income Tax Expense (12342) Total Expenses (48642) Total Expenses (48642) Total Expenses | Earnings Per Share 0.49