The following balances were taken from the books of Vaughn Corp. on December 31, 2020.

Interest revenue		$87,700		Accumulated depreciationequipment		$41,700
Cash		52,700		Accumulated depreciationbuildings		29,700
Sales revenue		1,381,700		Notes receivable		156,700
Accounts receivable		151,700		Selling expenses		195,700
Prepaid insurance		21,700		Accounts payable		171,700
Sales returns and allowances		151,700		Bonds payable		101,700
Allowance for doubtful accounts		8,700		Administrative and general expenses		98,700
Sales discounts		46,700		Accrued liabilities		33,700
Land		101,700		Interest expense		61,700
Equipment		201,700		Notes payable		101,700
Buildings		141,700		Loss from earthquake damage		151,700
Cost of goods sold		622,700		Common stock		501,700
				Retained earnings		22,700

Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year.