Prepare a multiple step income statement.

Porter Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2017 an analysis of the accounts and discussions with company officials revealed the following information: Sales revenue Discontinued operations loss (net of tax) Selling expenses Cash Accounts receivable Common stock Cost of goods sold Accumulated depreciation-machinery Dividend revenue Unearned service revenue Interest payable Land Patents Retained earnings, January 1, 2017 Interest expense Administrative expenses Dividends declared Allowance for doubtful accounts Notes payable (maturity 7/1/20) Machinery Materials Accounts payable $1,220,130 52,780 126,900 58,750 90,530 200,000 703,990 177,864 8,410 4,110 1,060 361,090 100,120 240,904 18,280 171,730 27,680 4,910 212,660 444,660 39,040 63,210 The amount of income taxes applicable to ordinary income was $62,292, excluding the tax effect of the discontinued operations loss which amounted to $22,620