Q8 The following information was taken from the accounting records of Winnifred Corp at December 31, 2014 The income tax rate is 40 Preferred shares, $1, 50,000 shares authorized, 10,000 shares issued $ 150,000 Retained earnings, balance as of January 1, 2014287,000 Cost of goods sold 935,000 Gain on sale of discontinued segment80,000 Sales revenue (net)1,450,000 Selling expenses215,000 Preferred dividends 10,000 Common dividends 70,000 Administrative expenses112,000 Operating income, discontinued segment33,000 Loss on expropriation of land46,000 Common shares, unlimited number of shares authorized, 200,000 shares issued315,000 There were no share transactions in 2014 Prepare a single step income statement and a statement of retained earnings for the year ended December 31, 2014