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CHAPTER 4 HOMEWORK PROBLEM The Houston Manufacturing Company presents the following partial lists of account balances, after adjustments, as of December 31, 2016: Selling Expenses $70 Administrative Expenses 50 het Sales Revenue 460 Interest Revenue 3 Lock on Sale of Factory Equipment 4 Cost of Goods Sold 230 Remained Earnings, January 1, 2016 200 Dividend Revenue 5 Common Stock, $10 Par 200 impairment loss on patent #30 he lelowing information is also available. but Is not reflected in the preceding accounts 1. The company sold Division E fa component of the company on August 1, 2016 They action reflects a strategic thin for the company. During 2016, Division E incurred a pretax loss from operations of $20, However, because the acquiring company could vertically Integrate Division E into its facilities, there was a $40 pretax gain on the 2. The common stock was outstanding for the entire year. A cash dividend on $1 per thane was declared and paid In 2016 1. Moume a JON the rate REQUIRED: Prepare a 2016 multiple step income statement for the Houston Manufacturing Company Prepare a 2016single-step Income statement for the Houston Manufacturing Company