The following information was taken from the records of Biscay Inc. for the year 2017:

The following additional information was also available: income tax applicable to income from continuing operations, $465,000; income tax recovery applicable to loss from operation of discontinued Rochelle Division, $60,000.
The company has elected to adopt ASPE.
Instructions
(a) Prepare a single-step income statement for 2017, showing expenses by function.
(b) Prepare a combined single-step income and retained earnings statement.

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Gain-other (due to expropriation) Loss from operation of discontinued $ 220,000 Retained earnings, January 1, 2017 9,000 2,680,000 950,000 6,000,000 $300,000 Cash dividends declared Rochelle Division Administrative expenses Rent revenue Loss-other (due to flood) 240,000 Cost of goods sold 750,000 ling expenses 130,000 Sales revenue 190,000