The following balances were taken from the books of Schimank Corp. on December 31, 2017.

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

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

Interest revenue Cash Sales Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful $ 120,400 71,400 1,932,000 210,000 28,000 210,000 Accumulated depreciation-equipment Accumulated depreciation-building Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general $56,000 39,200 217,000 271,600 238,000 140,000 9,800 63,000 140,000 280,000 196,000 869,400 135,800 44,800 84,000 140,000 210,000 700,000 29,400 accounts Sales discounts Land expenses Accrued liabilities Interest expense Notes payable Loss from earthquake Common stock Retained earnings quipment Building Cost of goods sold damage