You are given a choice of taking the simple interest on 100,000 invested for 2 years

Need to do a multi step income statement here is the information normal balances on all accounts are : SALES $1,678,500 ;SALES discounts $31,150; Common Stock $1,300,000; SALES Salaries $61,110; Depreciation Expense, Office Furniture $7250; Equipment $880,360; Travel expense-Sales personnel $28,930; Freight-out(Delivery Costs) $21,400; Depreciation expense, Sales equipment $4,980; Retained Earnings, July 1, 2012 $2,450,000; Utilities Expense-Office Building $9,130; Wage Expense-Office Employees $136,700; Interest Expense $18,990; Miscellaneous Office Expense $6,000; Dividend Revenue $38,000; Allowance for doubtful Accounts $45,000; Cost of Goods Sold $1,043,845. There is also additional information given 1)The corporation experienced a $90,600 uninsured loss as a result of a hurricane during the year. Assume hurricanes are both unusual and infrequent. 2) Inmarch, 2013, the corporation discontinued the operations of its publishing division (a major component of its business). During the current fiscalyear, the publishing divison had an operating loss of $110,000 and its assets were sold at a gain of $890,400. 3)The corporation had a $20,000 loss on the sale of a manufacturing facility (not related to the publishing division). 4)The tax rate which applies to all items is 30%. 5)There were 80,000 shares of common stock outstanding throughout the year.


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