The following information was taken from the records of Monty Inc. for the year 2017: Income tax applicable to income from continuing operations $169,626; income tax applicable to loss on discontinued operations $26,418, and unrealized holding gain on available-for-sale securities (net of tax) $22,500.

Gain on sale of equipment	$98,400	Cash dividends declared	$140,400
Loss on discontinued operations	77,700	Retained earnings January 1, 2017	588,700
Administrative expenses	246,800	Cost of goods sold	889,600
Rent revenue	48,900	Selling expenses	315,100
Loss on write-down of inventory	70,100	Sales Revenue	1,873,200

Shares outstanding during 2017 were99,100.

Prepare a single-step income statement

MONTY INC. Income Statement December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017
Total ExpensesOther Revenues and GainsIncome from OperationsNet Income / (Loss)Other Expenses and LossesExpensesDiscontinued OperationsTotal RevenuesRevenuesIncome From Continuing Operations
Rent RevenueLoss on Discontinued OperationsSales RevenueCost of Goods SoldSelling ExpensesIncome TaxAdministrative ExpensesGain on Sale of EquipmentInventory LossIncome From Continuing Operations Before Income TaxPer Share of Common Stock	$
Cost of Goods SoldSelling ExpensesIncome From Continuing Operations Before Income TaxAdministrative ExpensesRent RevenueInventory LossGain on Sale of EquipmentIncome TaxLoss on Discontinued OperationsPer Share of Common StockSales Revenue
Income from OperationsRevenuesOther Revenues and GainsTotal RevenuesTotal ExpensesIncome From Continuing OperationsOther Expenses and LossesDiscontinued OperationsExpensesNet Income / (Loss)	$
Discontinued OperationsTotal RevenuesNet Income / (Loss)Income From Continuing OperationsOther Revenues and GainsExpensesRevenuesOther Expenses and LossesTotal ExpensesIncome from Operations
Selling ExpensesSales RevenuePer Share of Common StockIncome TaxGain on Sale of EquipmentAdministrative ExpensesIncome From Continuing Operations Before Income TaxCost of Goods SoldLoss on Discontinued OperationsInventory LossRent Revenue
Income From Continuing Operations Before Income TaxLoss on Discontinued OperationsSales RevenueCost of Goods SoldPer Share of Common StockGain on Sale of EquipmentRent RevenueSelling ExpensesAdministrative ExpensesIncome TaxInventory Loss
Administrative ExpensesInventory LossIncome TaxCost of Goods SoldPer Share of Common StockSelling ExpensesIncome From Continuing Operations Before Income TaxLoss on Discontinued OperationsGain on Sale of EquipmentSales RevenueRent Revenue
Net Income / (Loss)Other Revenues and GainsExpensesIncome from OperationsTotal RevenuesRevenuesTotal ExpensesOther Expenses and LossesIncome From Continuing OperationsDiscontinued Operations
Total RevenuesTotal ExpensesIncome From Continuing OperationsNet Income / (Loss)ExpensesOther Revenues and GainsOther Expenses and LossesDiscontinued OperationsIncome from OperationsRevenues
ExpensesTotal ExpensesIncome From Continuing OperationsIncome from OperationsDiscontinued OperationsOther Revenues and GainsOther Expenses and LossesNet Income / (Loss)RevenuesTotal Revenues
Per Share of Common StockCost of Goods SoldSelling ExpensesAdministrative ExpensesIncome TaxInventory LossSales RevenueLoss on Discontinued OperationsIncome From Continuing Operations Before Income TaxGain on Sale of EquipmentRent Revenue
Total RevenuesIncome from OperationsRevenuesExpensesTotal ExpensesDiscontinued OperationsOther Revenues and GainsOther Expenses and LossesIncome From Continuing OperationsNet Income / (Loss)
Cost of Goods SoldSelling ExpensesAdministrative ExpensesIncome From Continuing Operations Before Income TaxIncome TaxLoss on Discontinued OperationsGain on Sale of EquipmentInventory LossPer Share of Common StockSales RevenueRent Revenue
Inventory LossCost of Goods SoldSelling ExpensesRent RevenueGain on Sale of EquipmentIncome From Continuing Operations Before Income TaxAdministrative ExpensesPer Share of Common StockIncome TaxLoss on Discontinued OperationsSales Revenue
Sales RevenueRent RevenueCost of Goods SoldSelling ExpensesAdministrative ExpensesPer Share of Common StockIncome From Continuing Operations Before Income TaxIncome TaxLoss on Discontinued OperationsGain on Sale of EquipmentInventory Loss
Income From Continuing OperationsOther Revenues and GainsOther Expenses and LossesExpensesTotal ExpensesIncome from OperationsDiscontinued OperationsNet Income / (Loss)RevenuesTotal Revenues
Income From Continuing OperationsNet Income / (Loss)RevenuesTotal RevenuesExpensesDiscontinued OperationsOther Revenues and GainsTotal ExpensesOther Expenses and LossesIncome from Operations
Sales RevenueGain on Sale of EquipmentRent RevenueCost of Goods SoldSelling ExpensesIncome From Continuing Operations Before Income TaxAdministrative ExpensesIncome TaxLoss on Discontinued OperationsInventory LossPer Share of Common Stock
AddLess: Gain on Sale of EquipmentInventory LossSales RevenueRent RevenueIncome From Continuing Operations Before Income TaxPer Share of Common StockCost of Goods SoldSelling ExpensesAdministrative ExpensesApplicable Income Tax ReductionLoss on Discontinued Operations
Income From Continuing OperationsOther Revenues and GainsOther Expenses and LossesNet Income / (Loss)Discontinued OperationsIncome from OperationsRevenuesTotal RevenuesExpensesTotal Expenses	$
Cost of Goods SoldAdministrative ExpensesIncome From Continuing OperationsLoss on Discontinued Operations, Net of TaxSales RevenueNet Income / (Loss)Other Revenues and GainsRent RevenueSelling ExpensesIncome from OperationsPer Share of Common Stock:
Cost of Goods SoldAdministrative ExpensesOther Revenues and GainsRent RevenueNet Income / (Loss)Loss on Discontinued Operations, Net of TaxSelling ExpensesIncome From Continuing OperationsSales RevenuePer Share of Common StockIncome from Operations	$
Income from OperationsLoss on Discontinued Operations, Net of TaxCost of Goods SoldRent RevenueSales RevenueSelling ExpensesAdministrative ExpensesPer Share of Common StockNet Income / (Loss)Other Revenues and GainsIncome From Continuing Operations
Net Income / (Loss)Other Revenues and GainsIncome from OperationsSelling ExpensesRent RevenueAdministrative ExpensesSales RevenuePer Share of Common StockIncome From Continuing OperationsCost of Goods SoldLoss on Discontinued Operations, Net of Tax	$