Presented below is information related to Bramble Corp. for the year 2017.
Net sales $1,395,800 Write-off of inventory due to obsolescence $84,130
Cost of goods sold 783,600 Depreciation expense omitted by accident in 2016 48,800
Selling expenses 74,500 Casualty loss 52,200
Administrative expenses 49,900 Cash dividends declared 44,690
Dividend revenue 21,800 Retained earnings at December 31, 2016 1,030,540
Interest revenue 8,510 Effective tax rate of 34% on all items
Collapse question part Prepare a multiple-step income statement for 2017. Assume that 64,570 shares of common stock are outstanding.