Presented below is information related to Marigold Corp. for the year 2017.
Net sales $1,383,100 Write-off of inventory due to obsolescence $81,360
Cost of goods sold 785,600 Depreciation expense omitted by accident in 2016 46,300
Selling expenses 74,100 Casualty loss 50,700
Administrative expenses 52,000 Cash dividends declared 42,930
Dividend revenue 21,700 Retained earnings at December 31, 2016 1,017,470
Interest revenue 7,240 Effective tax rate of 34% on all items
Prepare a multiple-step income statement for 2017. Assume that 59,150 shares of common stock are outstanding