Chapter $4$ Practice Problems $-$ Part $1$

$2.$ Utilizing the following information, prepare a multi$-$step income statement $($with basic EPS$)$ for Waterway Company, a manufacturing company, for $2017.$ The company's income tax rate is $30\%.$ There were $500,000$ shares of common stock outstanding all year.

$\backslash$table$[[$Dividends declared on preferred stock,$84,100],[$Dividends declared on common stock,$262,300],[$Gain on sale of investments,$111,100],[$Discontinued operations: loss on disposal of the wholesale division $($gross$),445,600],[$Discontinued operations: loss on operations of the wholesale division $($gross$),96,080],[$Sales revenue,$26,211,300$