Reference no: EM13576933

The following balances were taken from the books of Parnevik Corp. on December 31, 2012.

• Interest revenue $88,800 Accumulated depreciation-building 28,000
• Cash 51,000 Notes receivable 155,000
• Sales 1,332,400 Selling expenses 202,500
• Accounts receivable 150,000 Accounts payable 170,000
• Prepaid insurance 20,000 Bonds payable 100,000
• Sales returns and allowances 153,800 Administrative and general expenses 97,300
• Allowance for doubtful accounts 7,000 Accrued liabilities 32,000
• Sales discounts 48,600 Interest expense 73,300
• Land 100,000 Notes payable 100,000
• Equipment 200,000 Loss from earthquake damage
• Building 140,000 (extraordinary item) 138,000
• Cost of goods sold 625,700 Common stock 500,000
• Accumulated depreciation-equipment 40,000 Retained earnings 21,000

Assume the total effective tax rate on all items is 34%.Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year.