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Exercise 4-6 Your answer is partially correct. Try again. The following balances were taken from the books of Concord Corp. on December 31, 2017. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,350 52,350 1,381,350 151,350 21,350 151,350 8,350 46,350 101,350 201,350 141,350 622,350 Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $41,350 29,350 156,350 195,350 171,350 101,350 98,350 33,350 61,350 101,350 151,350 501,350 22,350 Assume the total effective tax rate on all items is 34%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round ear CONCORD CORP. Income Statement For the Year Ended December 31, 2017 Revenue Sales Revenue 1381350 Less Sales Returns and Allov 151350 $1 > Sales Discounts 46350 Operating Expenses Selling Expenses -195350 Administrative Expense -98350 293700 Total Expenses 267600 Other Revenues and Gains Interest Revenue 87350 87350 Other Revenues and Gains Interest Expense -61350 Loss from Earthquake C -151350 x Gross Profit / (Loss) -125350 TO Gross Profit / Loss 142250 Income Before Income Tax -28450 Net Income / (Loss) Net Income / (Loss) 113800