The accounts of Consolidated Can contain the following amounts at December 31, 2008:

The accounts of Consolidated Can contain the following amounts at December 31, 2008: 

Cost of products sold                  $ 410,000 

Dividends                                      $ 3,000 

Extraordinary gain (net of tax)          $1,000 

Income taxes                                 $9,300 

Interest Expense                            $8,700 

Other Income                                 $1,600 

Retained Earnings, 1/1                $270,000 

Sales                                         $480,000 

Selling and administrative expense    $42,000 

Required:

Prepare a multiple-step income statement combined with a reconciliation of retained earnings for the year ended December 31, 2008.