The following balances were taken from the books of Quality Fabrication Limited on December 31, 2017:

Assume the total effective tax rate on all items is 25%.
Instructions
Prepare a multiple-step income statement showing expenses by function. Assume that 150,000 common shares were outstanding during the year. Include calculation of EPS.

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Interest income $ 70,000 Accumulated depreciation- equipment Accumulated depreciation- buildings 2 Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Accounts payable Bonds payable Administrative expenses Accrued liabilities Interest expense Notes payable 118,000 40,000 115,000 Loss other (due to storm damage) Cost of goods sold Depreciation expense