The following information is available for Art Center Corp. for the year ended December 31, 2017.

Other revenues and gains $ 8,000 Sales revenue $462,000

Other expenses and losses 3,000 Operating expenses 187,000

Cost of goods sold 147,000 Sales discounts 20,000

Other comprehensive

income 10,000

Prepare a multiple-step income statement and comprehensive income statement for Art Center Corp. The company has a tax rate of 25%. This rate also applies to other comprehensive income.