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Cash Tempe Corporation's capital structure consists of 75,000 shares of common stock. The December 31, 2016 account balances are listed below. All adjusting entries have been made except for the accrual of taxes (20% tax rate). Sales $1,303,600 Purchase discounts 18,000 Purchases 642,000 Loss on Discontinued Operations 60.000 Selling expenses 128.000 60.000 Accounts receivable 90,000 Common stock 200,000 Accumulated depreciation 198,000 Dividend revenue 8.000 Inventory, January 1, 2016 152,000 Unearned service revenue 4,400 Accrued interest payable 1,000 Land 370,000 Patents 100,000 Retained earnings, January 1, 2016 290,000 Interest expense 17,000 General and administrative expenses 150,000 Dividends declared 29,000 Allowance for doubtful accounts 5,000 Notes payable (maturity 7/1/20) 200,000 Machinery and equipment 450,000 Office Supplies 40,000 Accounts payable 60,000 Ending Inventory at December 31, 2016 was $125,000. Required a) Prepare a 2016 multi-step income statement, include EPS. Refer to the Cabrera (Illustration 4-2) and Poquito (illustration 4-8) Company examples in Chapter 4 of the text for format suggestions (Also, refer to Illustration 4-10). Many items in these format examples are not applicable to this homework problem Prepare a 2016 retained earnings statement. Refer to the Stricker example (illustration 4-19) in Chapter 4 of the text for format suggestions. No corrections of prior periods exist. Prepare a 12/31/16 balance sheet. Refer to the Scientific Products (Illustration 5-16) example in Chapter 5 of the text for format suggestions. Many items in this example ar not applicable to this homework problem. Cercook DownloadHACC_301_HW1_PROBX 22 12782018