Q5. Porter Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2023 an analysis of the accounts and discussions with company officials 5 revealed the following information: 26 27 28 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 152 153 Sales revenue Earthquake loss Selling expenses Cash 155 Accounts receivable Common stock Cost of goods sold Accumulated depreciation-machinery Dividend revenue Unearned service revenue Interest payable Land Patents Retained earnings, January 1, 2023 Interest expense Administrative expenses Dividends declared and paid Allowance for doubtful accounts Notes payable (maturity 7/1/2026) 149 150 Instructions: 151 Machinery Materials Accounts payable $1,200,000 80,000 128,000 60,000 90,000 200,000 701,000 180,000 8,000 4,400 1,000 370,000 100,000 290,000 17,000 170,000 24,000 5,000 200,000 450,000 40,000 60,000 Prepare a multiple-step income statement and a retained earnings statement. The amount of income taxes applicable was $33,600.