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

Interest revenue		$87,750		Accumulated depreciationequipment		$41,750
Cash		52,750		Accumulated depreciationbuildings		29,750
Sales revenue		1,381,750		Notes receivable		156,750
Accounts receivable		151,750		Selling expenses		195,750
Prepaid insurance		21,750		Accounts payable		171,750
Sales returns and allowances		151,750		Bonds payable		101,750
Allowance for doubtful accounts		8,750		Administrative and general expenses		98,750
Sales discounts		46,750		Accrued liabilities		33,750
Land		101,750		Interest expense		61,750
Equipment		201,750		Notes payable		101,750
Buildings		141,750		Loss from earthquake damage		151,750
Cost of goods sold		622,750		Common stock		501,750
				Retained earnings		22,750

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.