Ex. 4-111Multiple-step income statement (20 points)

Presented below is information related to Donaldson Corp., for the year 2017.

Net sales $1,950,000

Cost of goods sold 1,200,000

Selling expenses 95,000

Administrative expenses 70,000

Dividend revenue 30,000

Interest revenue 20,000

Interest expense 45,000

Write-off of goodwill due to impairment 75,000

Depreciation expense omitted in 2015 105,000

Dividends declared 120,000

Effect on prior years of change in accounting principle (credit) 220,000

Loss from operations of discontinued component of business 240,000

Gain from disposal of component of business 300,000

Federal tax rate of 30% on all items

Instructions

Prepare a multiple-step income statement for 2017. Assume the 200,000 shares of common stock were outstanding during 2017. PLEASE SHOW WORK