The following selected account balances were taken from the trial balance of Dallas Corporation as of June 30, 2018. All accounts have normal balances.

Sales $1,678,500

Sales Discounts 31,150

Common Stock 1,300,000

Salaries Expense Sales 61,110

Depreciation Expense Office Furniture 7,250

Equipment 880,360

Travel Expense Sales 28,930

Freight-Out (Delivery Costs) 21,400

Depreciation Expense Sales Equipment 4,980

Retained Earnings, July 1, 2017 2,450,000

Utilities Expense Office 9,130

Wage Expense Office 136,700

Interest Expense 18,990

Miscellaneous Expense -- Office 6,000

Dividend Revenue 38,000

Allowance for Doubtful Accounts 45,000

Cost of Goods Sold 1,043,845

Additional Information:

In March, 2018, the corporation discontinued the operations of its publishing division (a major component of its business). During the current fiscal year, the publishing division had an operating loss of $110,000 and its assets were sold at a gain of $890,400.

The corporation had a $20,000 loss on the sale of a manufacturing facility (not related to the discontinued publishing division).

The tax rate which applies to all items is 30%.

There were 80,000 shares of common stock outstanding throughout the year.

Instructions: On the next two pages, fill in the yellow highlighted spaces to complete the multiple-step income statement for Dallas Corporation for the year ended June 30, 2018.