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

Interest revenue		$87,000		Accumulated depreciationequipment		$41,000
Cash		52,000		Accumulated depreciationbuildings		29,000
Sales revenue		1,381,000		Notes receivable		156,000
Accounts receivable		151,000		Selling expenses		195,000
Prepaid insurance		21,000		Accounts payable		171,000
Sales returns and allowances		151,000		Bonds payable		101,000
Allowance for doubtful accounts		8,000		Administrative and general expenses		98,000
Sales discounts		46,000		Accrued liabilities		33,000
Land		101,000		Interest expense		61,000
Equipment		201,000		Notes payable		101,000
Buildings		141,000		Loss from earthquake damage		151,000
Cost of goods sold		622,000		Common stock		501,000
				Retained earnings		22,000

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.