Selected information for Muffins Muffins Inc. for 2016 is presented below. All amounts are pretax. The effective tax rate is 30%.
Loss from operations of discontinued line of business	$420,000
Inventory	$3,185,000
Administrative expenses	$479,000
Retained earnings, beg balance	$2,749,600
Interest expense	$101,600
Accounts receivable, net	$573,200
Unrealized holding loss on available-for-sales securities	$118,800
Dividends declared	$41,750
Cumulative decrease in income for change in depreciation method	$197,000
Bonds Payable	$1,380,000
Gain on disposal of discontinued line of business	$174,000
Sales	$4,700,000
Loss due to flooding	$319,200
Accumulated depreciation	$2,943,700
Cumulative decrease in income of change from FIFO to weighted average	$87,900
Gain on sale of land	$267,000
Cumulative increase in income for reduced estimate for bad debts
from 4% to 2.5%	$81,000
Selling expenses	$326,700
Common stock, 240,000 shares	$8,641,000
Accumulated other comprehensive income, beg balance	$2,916,470
Failed to recognize interest on investment in 2015	$136,000
Dividend Income	$91,000
Cost of goods sold	$2,745,000

Based on the above information, answer the following questions.

(HINT: Prepare a multi-step income statement and retained earnings statement.

What amount would be reported for operating income?

What amount would be reported in a 2016 income statement for income tax?

Prepare the discontinued operations section of the 2016 income statement.

On which financial statement(s) would the unrealized holding loss on available-for-sale securities be reported?(THINK!)

Should the cumulative decrease in income of change from FIFO to weighted average be reported net of tax?

What amount would be reported for income from continuing operations?

What is comprehensive income for 2016?

Does the beginning balance of Retained Earnings need to be adjusted?If so, what is the adjusted amount?

On which financial statement(s) and in which section(s) would dividend income be reported?

What is the balance in accumulated other comprehensive income as of 12/31/16 and on which financial statement(s) is it reported?(THINK!)

On which financial statement(s) and in which section(s) would the adjustment for reduced estimate for bad debts be reported?

What amount would appear on a post-closing trial balance for Retained Earnings?

Prepare the earnings per share section of the 2016 income statement

All information is available! Some items may not be used.