Problem 126 Shown below is an income statement for 2014 that was prepared by a poorly trained bookkeeper of Howell Corporation Howell Corporation INCOME STATEMENT December 31, 2014 901,580 Sales revenue Investment revenue Cost of goods sold Selling expenses Administrative expenses Interest expense Income before special items Special items 19,990 (409,740) (146,900) (195,610) 13,340 155,980 Loss on disposal of a component of the business Major casualty loss (extraordinary item) Net federal income tax liability Net income (30,340) (50,010) (22,689) $52,941 Prepare a multiple-step income statement for 2014 for Howell Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology). Howell Corporation has 50,000 shares of common stock outstanding and has a 30% federal income tax rate on all tax related items. (Round per share values to 2 decimal places, eg, $2.50.)