Presented below is information which relates to CSNY Limited for 2016: Collections of credit sales...... $1,100,000 Retained earnings, January 1, 2016... 800,000 Sales............... 1,900,000 Selling and administrative expenses. 290,000 Casualty loss (pre-tax)........... 350,000 Cash dividends declared on common stock 34,000 Cost of goods sold.................. 1,100,000 Loss resulting from calculation error on depreciation charge in 2014 (pre-tax) 460,000 Other revenues 180,000 Other expenses 120,000 Loss from early extinguishment of debt (pre-tax).... 340,000 Gain from transactions in foreign currencies (pre-tax). 220,000 Proceeds from sale of CSNY common shares........ 60,000 Additional Information: 1. Early in 2016, CSNY changed depreciation methods for its plant assets from the double declining-balance to the straight-line method. The affected assets were purchased at the beginning of 2014 for $200,000, had no residual value, and had useful lives of 10 years. Depreciation expense of $20,000 is included in the Selling and Administrative Expenses" of $290,000. 2. On September 1, 2016, CSNY sold one of its segments (product line) to Best Industries for a gain (pre-tax) of $550,000. During the period January 1 to August 31, the discontinued segment incurred an operating loss (pre-tax) of $480,000. This loss is not included in any of the numbers shown above. 3. Included in "Selling and Administrative Expenses" is "Bad Debts Expense" of $19,000. CSNY bases its bad debts expense upon a percentage of sales. In 2014 and 2015, the percentage was 0.5%. In 2016, the percentage was changed to 1%. Required: In good form, prepare a multiple-step income statement for 2016. Assume a 20% income tax rate and that 20,000 common shares were outstanding during the year. CSNY reports using IFRS. (Additional space for your answer is provided on the following page.)