The partial trial balance of Maxwell Inc. included the following accounts as of December 31, 20x1:

	Debits	Credits
Sales revenue		$8,400,000
Gain on sale of investments (trading security)		180,000
Unearned rent revenue		140,000
Common stock		3,000,000
Retained earnings		255,000
Cash	$390,000
Accounts receivable	125,000
Merchandise Inventory, 1/1/x1	1,650,000
Gross purchases	5,100,000
Wages and salaries	600,000
Sales discounts	400,000
Interest expense	30,000
Rent or lease expense	500,000
Prepaid insurance expense	145,000

Maxwell had 300,000 shares of common stock outstanding throughout the year. Income tax expense has not yet been accrued (so, you must compute income tax expense). The tax rate on all items is 40%. A physical inventory indicates that the ending inventory is $1,745,000.

A pretax $250,000 gain was recognized on the sale of Division Y (a major component of the company) on March 1, 20x1. This division had incurred a pretax operatingloss of $150,000 from January 1, 20x1 to February 28, 20x1.

Prepare a multiple-step income statement for the year ending December 31, 20x1. Some of the above accounts are not reported on the income statement. You must report the earnings per share.

** I need help with understanding what a multi-step income statement is and how to compute income tax. Thank you!