Prepare a multiple-step income statement combined with a

Question

Problem - The accounts of Consolidated Can contain the following amounts at December 31, 2008:

Cost of products sold                                $410,000

Dividends                                                3,000

Extraordinary gain (net of tax)                   1,000

Income taxes                                           9,300

Interest expense                                      8,700

Other income                                           1,600

Retained earnings, 1/1                              270,000

Sales                                                       480,000

Selling and administrative expense             42,000

Required - Prepare a multiple-step income statement combined with a reconciliation of retained earnings for the year ended December 31, 2008.