The following information is related to Tamarisk Company for 2017.

Retained earnings balance, January 1, 2017		$988,750
Sales Revenue		26,251,600
Cost of goods sold		16,255,300
Interest revenue		72,900
Selling and administrative expenses		4,747,800
Write-off of goodwill		833,000
Income taxes for 2017		1,265,400
Gain on the sale of investments		120,600
Loss due to flood damage		396,200
Loss on the disposition of the wholesale division (net of tax)		457,500
Loss on operations of the wholesale division (net of tax)		89,120
Dividends declared on common stock		253,600
Dividends declared on preferred stock		76,320

Tamarisk Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Tamarisk sold the wholesale operations to Rogers Company. During 2017, there were 492,600 shares of common stock outstanding all year.

(a1) Prepare a multiple-step income statement