Presented below is information related to Square Company.
| Retained earnings, December 31, 20X2 |
$2,750,000 |
| Sales |
2,000,000 |
| Selling and administrative expenses |
240,000 |
| Hurricane loss (pre-tax) on plant (extraordinary item) |
250,000 |
| Cash dividends declared on common stock |
33,600 |
| Cost of goods sold |
960,000 |
| Gain resulting from computation error on depreciation charge in 20X1 (pre-tax) |
2,000,000 |
| Other revenue |
80,000 |
| Other expenses |
50,000 |
Instructions: Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 100,000 shares of common stock were outstanding during the year