Your company prepared the following alphabetical trial balances (adjusting entries for the end of the year have already been made) as of December 31, 2016:

Debit Credit

Balances Balances

Accounts Payable $15,106

Accounts Receivable $9,163

Accumulated Depreciation Equipment 38,266

Advertising Expense 6,216

Allowance for Doubtful Accounts 604

Bad Debts Expense 663

Bonds Payable (due in 2020, 7% interest) 50,000

Cash 5,180

Cash Dividend Declared 750

Cash Dividend Payable 375

Common Stock, $10 par (10,000 shares authorized) 15,000

Cost of Goods Sold 52,128

Depreciation Expense 11,945

Equipment 159,377

Gain on Sale of Assets 1,274

Held to Maturity Securities 5,000

Income Tax Expense ? ? ?

Income Tax Payable ? ? ?

Insurance Expense 1,200

Interest Expense 3,100

Interest Income 290

Interest Payable 1,500

Loss From Discontinued Operations 7,200

Merchandise Inventory 13,460

Paid in Capital in Excess of Par Common 28,060

Premium on Bonds Payable 2,000

Premium on Held to Maturity Securities 300

Prepaid Insurance 200

Retained Earnings, January 1 21,077

Rent Expense 9,450

Research and Development Expense 3,572

Sales 132,712

Utilities Expense 5,643

Wages Expense 12,193

Wages Payable 476

TOTAL $$$$$ $$$$$

INSTRUCTIONS: Based upon the above list, use a computer spreadsheet to prepare the FORMAL multiple step income statement (including earnings per share, assuming that no stock was purchased or sold during the year), retained earnings statement, and classified balance sheet for your company for the year ended December 31, 2016. Assume a 34% tax rate on all items. Round all amounts on financial statements to the nearest dollar but report earnings per share to the nearest penny. You do not have to do a cash flow statement for this assignment, but you will be doing one in future assignments.