ok t Exercise 2-5 Preparing a multiple-step income statement (LO2-5, LO2-6) Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1 Statement of Income and Retained Earnings for the Year Ended December 31, 28X1 Net sales Costs and expenses Cost of products sold ($ in 000) $5,281,954 4,765,505 193,147 ces Marketing, administrative, and other expenses Interest expense Other, net Total expenses before taxes Earnings before income taxes Provision for income taxes Net income Retained earnings at 1/1/28x1 Dividends on common stock Retained earnings at 12/31/20x1 17,143 54,529 5,030,324 251,630 (52,842) 198,788 3,046,660 (100,000) $3,145,448 Additional facts gleaned from notes to Hardrock's financial statements follow (dollar amounts in thousands):