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Question 1 The accountant of Sheffield Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2017. Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared $31,600 20,600 33,600 117,400 20,200 40,000 138,500 54,300 498,600 982,600 67,600 18,600 There were 18,090 shares of common stock outstanding during the year Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) SHEFFIELD SHOE CO