ACCT 302-INTERMEDIATE ACCOUNTING II FALL 2018- TURPEN Chapter 16-Classwork Presented below is the stockholders' equity section of ABC Company as of its fiscal 2017 year-end, as excerpted from its balance sheet. ABC Company Stockholders' Equity December 31, 2017 Paid-In Capital: Preferred Stock-8%, cumulative, $75 par value: 5,000 shares authorized; 1,000 shares issued and outstanding75,000 Common Stock $10 par value 400,000 525,000 1,000,000 4,000,000 $5,000,000 100,000 shares authorized; 40,000 shares issued and outstanding Additional Paid-In Capita! Total Paid-In Capital Retained Earnings Total Stockholders' Equity ABC's corporate tax rate is 40%, and its fiscal 2017 pre-tax income was $500,000, a figure that includes a $100,000 pre-tax loss from the disposal of one of the company's product divisions that qualifies as discontinued operations Required Prepare in good form a partial fiscal 2017 income statement for ABC Company, beginning with "Income before Income Tax." ACCT 302-INTERMEDIATE ACCOUNTING II FALL 2018- TURPEN Chapter 16-Classwork Presented below is the stockholders' equity section of ABC Company as of its fiscal 2017 year-end, as excerpted from its balance sheet. ABC Company Stockholders' Equity December 31, 2017 Paid-In Capital: Preferred Stock-8%, cumulative, $75 par value: 5,000 shares authorized; 1,000 shares issued and outstanding75,000 Common Stock $10 par value 400,000 525,000 1,000,000 4,000,000 $5,000,000 100,000 shares authorized; 40,000 shares issued and outstanding Additional Paid-In Capita! Total Paid-In Capital Retained Earnings Total Stockholders' Equity ABC's corporate tax rate is 40%, and its fiscal 2017 pre-tax income was $500,000, a figure that includes a $100,000 pre-tax loss from the disposal of one of the company's product divisions that qualifies as discontinued operations Required Prepare in good form a partial fiscal 2017 income statement for ABC Company, beginning with "Income before Income Tax