Problem 4-4 The following account balances were included in thetrial balance of Pronghorn Corporation at June 30, 2017. Salesrevenue $1,589,100 Depreciation expense (office furniture andequipment) $7,364 Sales discounts 32,320 Property tax expense 7,162Cost of goods sold 903,300 Bad debt expense (selling) 5,229Salaries and wages expense (sales) 57,960 Maintenance and repairsexpense (administration) 8,940 Sales commissions 98,100 Officeexpense 6,140 Travel expense (salespersons) 34,000 Sales returnsand allowances 62,236 Delivery expense 23,400 Dividends received39,100 Entertainment expense 15,050 Interest expense 18,310Telephone and Internet expense (sales) 9,090 Income tax expense92,300 Depreciation expense (sales equipment) 5,162 Depreciationunderstatement due to error—2014 (net of tax) 17,506 Maintenanceand repairs expense (sales) 5,990 Dividends declared on preferredstock 9,280 Miscellaneous selling expenses 5,066 Dividends declaredon common stock 37,000 Office supplies used 3,460 Telephone andInternet expense (administration) 3,018 The Retained Earningsaccount had a balance of $331,960 at July 1, 2016. There are 82,400shares of common stock outstanding.

Using the multiple-step form, prepare an income statement forthe year ended June 30, 2017. (Round earnings per shareto 2 decimal places, e.g. 1.48.)
Prepare a retained earnings statement for the year ended June 30,2017. (List items that increase adjusted retainedearnings first.)
Using the single-step form, prepare an income statement for theyear ended June 30, 2017. (Round earnings per share to2 decimal places, e.g. 1.48.)
Prepare a retained earnings statement for the year ended June 30,2017. (List items that increase adjusted retainedearnings first.)