The following balances were taken from the books of Parnevik Corp. on December 31, 2010. Assume the total effective tax rate on all items is 34%. Prepare a multiple step income statement Interest revenue $86,000 Cash 51,000 Sales 1,280,000 Accounts receivable 150,000 Prepaid insurance 20,000 sales returns and allowances 150,000 allowance for doubtful accounts 7,000 sales discounts 45,000 land 100,000 equipment 200,000 building 140,000 cost of goods sold 621,000 accumulated depreciation- equipment 40,000 accumatled depreciation -building 28,000 notes receiable 155,000 selling expenses 194,000 accounts payable 170,000 bonds payable 100,000 adminstrative and general expenses 97,000 accrued liablilies 32,000 interest expense 60,000 notes payable 100,000 loss from earthquake damage (extraordinary item) 120,000 common stock 500,000 retained earnings 21,000