(Multiple-step and Extraordinary Items) The following balances were taken from the books of Maria Conchita Alonzo Corp. on December 31, 2004.

Interest revenue $ 86,000 Accumulated depreciation-equipment $ 40,000
Cash 51,000 Accumulated depreciation-building 28,000
Sales 1,380,000 Notes receivable 155,000
Accounts receivable 150,000 Selling expenses 194,000
Prepaid insurance 20,000 Accounts payable 170,000
Sales returns and allowances 150,000 Bonds payable 100,000
Allowance for doubtful Administrative and generalaccounts 7,000 expenses 97,000
Sales discounts 45,000 Accrued liabilities 32,000
Land 100,000 Interest expense 60,000
Equipment 200,000 Notes payable 100,000
Building 140,000 Loss from earthquake damage
Cost of goods sold 621,000 (extraordinary item) 150,000
Common stock 500,000
Retained earnings 21,000

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