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

Interest revenue	$87,650	Accumulated depreciationequipment	$41,650
Cash	52,650	Accumulated depreciationbuildings	29,650
Sales revenue	1,381,650	Notes receivable	156,650
Accounts receivable	151,650	Selling expenses	195,650
Prepaid insurance	21,650	Accounts payable	171,650
Sales returns and allowances	151,650	Bonds payable	101,650
Allowance for doubtful accounts	8,650	Administrative and general expenses	98,650
Sales discounts	46,650	Accrued liabilities	33,650
Land	101,650	Interest expense	61,650
Equipment	201,650	Notes payable	101,650
Buildings	141,650	Loss from earthquake damage	151,650
Cost of goods sold	622,650	Common stock	501,650
Retained earnings	22,650

Assume the total effective tax rate on all items is34%.

Prepare a multiple-step income statement;100,000shares of common stock were outstanding during the year.(Round earnings per share to 2 decimal places, e.g. 1.48.)

TEAL CORP. Income Statement December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017
Other Expenses and LossesDividendsEarnings Per ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenueTotal Expenses
	$
AddLess:
	$
Other Expenses and LossesDividendsEarnings Per ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenueTotal Expenses
Other Expenses and LossesDividendsEarnings Per ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenueTotal Expenses
Other Expenses and LossesDividendsEarnings Per ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenueTotal Expenses
Other Expenses and LossesDividendsEarnings Per ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenueTotal Expenses
Other Expenses and LossesDividendsEarnings Per ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenueTotal Expenses
Other Expenses and LossesDividendsEarnings Per ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenueTotal Expenses
Other Expenses and LossesDividendsEarnings Per ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenueTotal Expenses
Other Expenses and LossesDividendsEarnings Per ShareExpensesOther Revenues and GainsGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenueTotal Expenses
Other Expenses and LossesDividendsEarnings Per ShareExpensesOther Revenues and GainsIncome Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenueTotal Expenses:
Other Expenses and LossesDividendsEarnings Per ShareExpensesOther Revenues and GainsIncome Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesOperating ExpensesRetained Earnings, January 1Retained Earnings, December 31RevenueTotal Expenses	$