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Presented below is information related to Farr Company.

Retained earnings, December 31, 2014		$	660,500
Sales revenue			1,489,100
Selling and administrative expenses			231,600
Hurricane loss (pre-tax) on plant (extraordinary item)			291,900
Cash dividends declared on common stock			33,600
Cost of goods sold			862,100
Gain resulting from computation error on depreciation charge in 2013 (pre-tax)			529,100
Other revenue			114,300
Other expenses			109,300

Prepare in good form a multiple-step income statement for the year 2015. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year.(Round per share values to 2 decimal places, e.g. $1.58.)

Farr Company INCOME STATEMENT For the Year Ended December 31, 2015
Income Before Extraordinary ItemSales RevenueIncome Before TaxesOther ExpensesNet Income / (Loss)Extraordinary LossSelling and Administrative ExpensesCost of Goods SoldGross Profit / (Loss)Income from OperationsOther RevenuePer Share of Common StockExtraordinary Item, Net of TaxIncome Taxes		$
Income Before Extraordinary ItemPer Share of Common StockOther ExpensesSelling and Administrative ExpensesNet Income / (Loss)Sales RevenueIncome from OperationsIncome Before TaxesCost of Goods SoldExtraordinary Item, Net of TaxExtraordinary LossGross Profit / (Loss)Income TaxesOther Revenue
Income TaxesCost of Goods SoldExtraordinary LossExtraordinary Item, Net of TaxIncome Before Extraordinary ItemNet Income / (Loss)Per Share of Common StockSales RevenueSelling and Administrative ExpensesIncome from OperationsGross Profit / (Loss)Other RevenueOther ExpensesIncome Before Taxes
Income Before TaxesPer Share of Common StockSelling and Administrative ExpensesExtraordinary Item, Net of TaxIncome Before Extraordinary ItemSales RevenueOther RevenueIncome TaxesNet Income / (Loss)Cost of Goods SoldOther ExpensesGross Profit / (Loss)Income from OperationsExtraordinary Loss
Other ExpensesGross Profit / (Loss)Income from OperationsOther RevenuePer Share of Common StockExtraordinary Item, Net of TaxNet Income / (Loss)Sales RevenueIncome Before Extraordinary ItemCost of Goods SoldIncome Before TaxesSelling and Administrative ExpensesIncome TaxesExtraordinary Loss
Cost of Goods SoldIncome from OperationsOther ExpensesExtraordinary Item, Net of TaxIncome Before TaxesIncome TaxesIncome Before Extraordinary ItemOther RevenueSales RevenueNet Income / (Loss)Per Share of Common StockSelling and Administrative ExpensesGross Profit / (Loss)Extraordinary Loss
Per Share of Common StockGross Profit / (Loss)Net Income / (Loss)Extraordinary Item, Net of TaxOther RevenueSales RevenueIncome Before Extraordinary ItemCost of Goods SoldSelling and Administrative ExpensesIncome from OperationsIncome TaxesOther ExpensesExtraordinary LossIncome Before Taxes
Sales RevenueOther ExpensesNet Income / (Loss)Other RevenueGross Profit / (Loss)Income from OperationsPer Share of Common StockIncome Before TaxesIncome Before Extraordinary ItemExtraordinary LossIncome TaxesCost of Goods SoldExtraordinary Item, Net of TaxSelling and Administrative Expenses
Income Before Extraordinary ItemExtraordinary LossSelling and Administrative ExpensesExtraordinary Item, Net of TaxSales RevenueNet Income / (Loss)Per Share of Common StockGross Profit / (Loss)Other RevenueIncome Before TaxesCost of Goods SoldIncome TaxesOther ExpensesIncome from Operations
Sales RevenueCost of Goods SoldOther RevenueGross Profit / (Loss)Net Income / (Loss)Income Before TaxesSelling and Administrative ExpensesIncome from OperationsIncome Before Extraordinary ItemOther ExpensesExtraordinary LossIncome TaxesPer Share of Common StockExtraordinary Item, Net of Tax
Income from OperationsOther RevenueIncome TaxesOther ExpensesNet Income / (Loss)Income Before TaxesExtraordinary LossIncome Before Extraordinary ItemPer Share of Common StockExtraordinary Item, Net of TaxSelling and Administrative ExpensesCost of Goods SoldSales RevenueGross Profit / (Loss)
Extraordinary Item, Net of TaxSales RevenueIncome TaxesOther ExpensesIncome Before TaxesPer Share of Common StockCost of Goods SoldNet Income / (Loss)Income Before Extraordinary ItemSelling and Administrative ExpensesGross Profit / (Loss)Income from OperationsExtraordinary LossOther Revenue		$
Selling and Administrative ExpensesExtraordinary LossSales RevenueCost of Goods SoldGross Profit / (Loss)Net Income / (Loss)Per Share of Common StockIncome from OperationsOther RevenueOther ExpensesIncome Before Extraordinary ItemIncome TaxesExtraordinary Item, Net of TaxIncome Before Taxes:
Cost of Goods SoldIncome from OperationsSales RevenueIncome TaxesOther ExpensesOther RevenueIncome Before TaxesGross Profit / (Loss)Net Income / (Loss)Selling and Administrative ExpensesPer Share of Common StockIncome Before Extraordinary ItemExtraordinary LossExtraordinary Item, Net of Tax		$
Other RevenueIncome Before TaxesOther ExpensesIncome Before Extraordinary ItemSelling and Administrative ExpensesIncome from OperationsNet Income / (Loss)Per Share of Common StockGross Profit / (Loss)Extraordinary Item, Net of TaxCost of Goods SoldIncome TaxesSales Revenue
Income from OperationsOther RevenueExtraordinary Item, Net of TaxSelling and Administrative ExpensesCost of Goods SoldPer Share of Common StockSales RevenueIncome Before TaxesOther ExpensesIncome TaxesIncome Before Extraordinary ItemExtraordinary LossGross Profit / (Loss)Net Income / (Loss)		$

Farr Company INCOME STATEMENT For the Year Ended December 31, 2015
Income Before Extraordinary ItemSales RevenueIncome Before TaxesOther ExpensesNet Income / (Loss)Extraordinary LossSelling and Administrative ExpensesCost of Goods SoldGross Profit / (Loss)Income from OperationsOther RevenuePer Share of Common StockExtraordinary Item, Net of TaxIncome Taxes		$
Income Before Extraordinary ItemPer Share of Common StockOther ExpensesSelling and Administrative ExpensesNet Income / (Loss)Sales RevenueIncome from OperationsIncome Before TaxesCost of Goods SoldExtraordinary Item, Net of TaxExtraordinary LossGross Profit / (Loss)Income TaxesOther Revenue
Income TaxesCost of Goods SoldExtraordinary LossExtraordinary Item, Net of TaxIncome Before Extraordinary ItemNet Income / (Loss)Per Share of Common StockSales RevenueSelling and Administrative ExpensesIncome from OperationsGross Profit / (Loss)Other RevenueOther ExpensesIncome Before Taxes
Income Before TaxesPer Share of Common StockSelling and Administrative ExpensesExtraordinary Item, Net of TaxIncome Before Extraordinary ItemSales RevenueOther RevenueIncome TaxesNet Income / (Loss)Cost of Goods SoldOther ExpensesGross Profit / (Loss)Income from OperationsExtraordinary Loss
Other ExpensesGross Profit / (Loss)Income from OperationsOther RevenuePer Share of Common StockExtraordinary Item, Net of TaxNet Income / (Loss)Sales RevenueIncome Before Extraordinary ItemCost of Goods SoldIncome Before TaxesSelling and Administrative ExpensesIncome TaxesExtraordinary Loss
Cost of Goods SoldIncome from OperationsOther ExpensesExtraordinary Item, Net of TaxIncome Before TaxesIncome TaxesIncome Before Extraordinary ItemOther RevenueSales RevenueNet Income / (Loss)Per Share of Common StockSelling and Administrative ExpensesGross Profit / (Loss)Extraordinary Loss
Per Share of Common StockGross Profit / (Loss)Net Income / (Loss)Extraordinary Item, Net of TaxOther RevenueSales RevenueIncome Before Extraordinary ItemCost of Goods SoldSelling and Administrative ExpensesIncome from OperationsIncome TaxesOther ExpensesExtraordinary LossIncome Before Taxes
Sales RevenueOther ExpensesNet Income / (Loss)Other RevenueGross Profit / (Loss)Income from OperationsPer Share of Common StockIncome Before TaxesIncome Before Extraordinary ItemExtraordinary LossIncome TaxesCost of Goods SoldExtraordinary Item, Net of TaxSelling and Administrative Expenses
Income Before Extraordinary ItemExtraordinary LossSelling and Administrative ExpensesExtraordinary Item, Net of TaxSales RevenueNet Income / (Loss)Per Share of Common StockGross Profit / (Loss)Other RevenueIncome Before TaxesCost of Goods SoldIncome TaxesOther ExpensesIncome from Operations
Sales RevenueCost of Goods SoldOther RevenueGross Profit / (Loss)Net Income / (Loss)Income Before TaxesSelling and Administrative ExpensesIncome from OperationsIncome Before Extraordinary ItemOther ExpensesExtraordinary LossIncome TaxesPer Share of Common StockExtraordinary Item, Net of Tax
Income from OperationsOther RevenueIncome TaxesOther ExpensesNet Income / (Loss)Income Before TaxesExtraordinary LossIncome Before Extraordinary ItemPer Share of Common StockExtraordinary Item, Net of TaxSelling and Administrative ExpensesCost of Goods SoldSales RevenueGross Profit / (Loss)
Extraordinary Item, Net of TaxSales RevenueIncome TaxesOther ExpensesIncome Before TaxesPer Share of Common StockCost of Goods SoldNet Income / (Loss)Income Before Extraordinary ItemSelling and Administrative ExpensesGross Profit / (Loss)Income from OperationsExtraordinary LossOther Revenue		$
Selling and Administrative ExpensesExtraordinary LossSales RevenueCost of Goods SoldGross Profit / (Loss)Net Income / (Loss)Per Share of Common StockIncome from OperationsOther RevenueOther ExpensesIncome Before Extraordinary ItemIncome TaxesExtraordinary Item, Net of TaxIncome Before Taxes:
Cost of Goods SoldIncome from OperationsSales RevenueIncome TaxesOther ExpensesOther RevenueIncome Before TaxesGross Profit / (Loss)Net Income / (Loss)Selling and Administrative ExpensesPer Share of Common StockIncome Before Extraordinary ItemExtraordinary LossExtraordinary Item, Net of Tax		$
Other RevenueIncome Before TaxesOther ExpensesIncome Before Extraordinary ItemSelling and Administrative ExpensesIncome from OperationsNet Income / (Loss)Per Share of Common StockGross Profit / (Loss)Extraordinary Item, Net of TaxCost of Goods SoldIncome TaxesSales Revenue
Income from OperationsOther RevenueExtraordinary Item, Net of TaxSelling and Administrative ExpensesCost of Goods SoldPer Share of Common StockSales RevenueIncome Before TaxesOther ExpensesIncome TaxesIncome Before Extraordinary ItemExtraordinary LossGross Profit / (Loss)Net Income / (Loss)		$

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