Task Income statement, Closing Entries and retained earnings 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: 60,000 90,000 200,000 180,000 1,000 370,000 100,000 270,000 5,000 200,000 450,000 40,000 60,000 - Cash Accounts receivable Common stock Accumulated depreciation-machinery Interest payable Land Patents Retained earnings, January 1, 2017 Allowance for doubtful accounts Notes payable (maturity 7/1/20) Machinery Materials Accounts payable Discontinued operations loss (Before tax) Selling expenses Cost of goods sold Dividend revenue Interest expense Administrative expenses . Dividends declared Sales revenue Unearned service revenue Depreciation expense omitted in 2016 I - I - - - - L - - - 1 - 128,000 700,000 8,000 17,000 1 70,000 24.000 125000 4 .400 The amount of income taxes applicable to income was $72,900, excluding the tax effect of the discontinued operations loss which amounted to $27,000. Instructions a) Prepare a multiple-step income statement. b) Prepare the required closing entries. c) Prepare a retained earnings statement