It is December 31, 2012, and the program at Monsters, Inc. is crashing. Instead of producing an income statement, it keeps printing an alphabetical list of accounts:

Administrative expenses $215,000

Cost of goods sold 408,500

Extraordinary casualty loss 70,000

Income taxes 54,900

Loss on inventory write-down (nonrecurring) 13,000

Gain on foreign currency translation 19,500

Loss from discontinued operations 30,000

Sales 945,000

Selling expenses 145,000

1. Prepare the firms multiple-step income statement for 2012 with EPS disclosures in accordance with G.A.A.P. Monsters Inc firm has 65,000 shares of common stock outstanding and has a 20% federal income tax rate. (Show work for these calculations)