The following information is related to Buffalo Company for2017.
| Retained earnings balance, January 1, 2017 | | $997,830 |
| Sales Revenue | | 26,123,300 |
| Cost of goods sold | | 16,214,400 |
| Interest revenue | | 78,400 |
| Selling and administrative expenses | | 4,737,300 |
| Write-off of goodwill | | 827,800 |
| Income taxes for 2017 | | 1,287,700 |
| Gain on the sale of investments | | 113,900 |
| Loss due to flood damage | | 397,600 |
| Loss on the disposition of the wholesale division (net oftax) | | 457,400 |
| Loss on operations of the wholesale division (net of tax) | | 96,820 |
| Dividends declared on common stock | | 249,400 |
| Dividends declared on preferred stock | | 78,330 |
Buffalo Company decided to discontinue its entire wholesaleoperations (considered a discontinued operation) and to retain itsmanufacturing operations. On September 15, Buffalo sold thewholesale operations to Rogers Company. During 2017, there were490,600 shares of common stock outstanding all year.
Prepare a multistep income statement.
