The following information is related to Vaughn Company for 2017.

Retained earnings balance, January 1, 2017	$991,080
Sales Revenue	$26,214,100
Cost of goods sold	$16,207,700
Interest revenue	$80,000
Selling and administrative expenses	$4,765,100
Write-off of goodwill	$830,500
Income taxes for 2017	$1,377,200
Gain on the sale of investments	$115,000
Loss due to flood damage	$400,200
Loss on the disposition of the wholesale division (net of tax)	$453,800
Loss on operations of the wholesale division (net of tax)	$98,050
Dividends declared on common stock	$239,200
Dividends declared on preferred stock	$77,390

Vaughn Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Vaughn sold the wholesale operations to Rogers Company. During 2017, there were 467,600 shares of common stock outstanding all year.

Prepare a multiple-step income statement.