The ledger of Pottery Supplies Inc. contains the following information for operations for the year ended September 30, 2017:
Sales revenue.................................................................................. $350,000
Operating expenses (excluding income tax)................................... 67,500
Income tax expense-gain on discontinued operations................ $ 8,500
Other loss....................................................................................... 22,500
Cost of goods sold........................................................................ 230,000
Gain on discontinued operations.................................................. 21,000
Income tax expense- operating income................................... 10,000
Required
Prepare a multi-step income statement for the year ended September 30, 2017. Omit earnings per share. Was 2017 a good year or a bad year for Pottery Supplies Inc.? Explain your answer in terms of the outlook for 2018.