Shown below is an income statement for the 2014 year that was prepared by a poorly trained bookkeeper of Watts Updoc Corporation.Watts Updock Corporation INCOME STATEMENT December 31, 2014Sales revenue $ 945,000Deferred Revenue 35,000Investment revenue 19,500Cost of merchandise sold (408,500)Selling expenses (145,000)Administrative expense (215,000)Interest expense (13,000)Loss on disposal of a component of the business (30,000)Major casualty loss (extraordinary item) (70,000)Net Federal income tax liability (24,900)Net income $ 93,100Required:Prepare a multiple-step income statement for 2014 presented in accordance with generally accepted accounting principles (including format and terminology).Watts Updock Corporation has 50,000 shares of common stock outstanding.It has a 30% federal income tax rate.
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