The Following Information Was Taken from the Accounting Records of Jamboree

The following information was taken from the accounting records of Jamboree Ltd.at December 31,2017.The company uses a periodic inventory system.The income tax rate is 40%.
Preferred shares,$2.50,100,000 shares authorized,
$\begin{array}{ll}\quad 4,000 \text { shares issued } & \$ 150,000 \\\text { Retained earnings, balance as of January } 1,2017 & 239,000 \\\text { Purchases } & 975,000 \\\text { Losson sale of discontinued segment } & 50,000 \\\text { Sales revenue (net) } & 1,550,000 \\\text { Selling expenses } & 232,000 \\\text { Inventory, January 1 } 2017 & 71,000 \\\text { Preferred dividends } & 10,000\\\text { Common dividends } & 13,500 \\\text { Administrative expenses } & 107,000 \\\text { Purchase returns and allowances } & 12,000 \\\text { Operating income, discontinued segment } & 60,000 \\\text { Purchase discounts } & 9,000 \\\text { Loss on expropriation of land } & 35,000\end{array}$ Common shares,unlimited number of shares authorized,
500,000 shares issued $\quad$$\quad$ 900,000 There were no share transactions in 2017.The ending inventory count showed a December 31,2017 balance of $62,000.
Prepare a multi-step income statement and a statement of retained earnings for the year ended December 31,2017.Present cost of goods sold as a line item with a supporting schedule for the calculation.