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The following information is taken from the accounting records of Sunland Corporation, a Canadian public company, for the year ended December 31, 2020. $88,000 252.000 102.500 1,221,000 722,500 129.500 Accounts receivable Retained earnings, January 1, 2020 Loss on operation of discontinued operations (before tax) Sales revenue Cost of goods sold Selling expenses Cash Common shares (21,000 common shares outstanding) Dividend revenue Inventory Unearned revenue Land Interest expense Administrative expenses Notes payable (maturity 2026) Accounts payable Gain on disposal of discontinued operations (before tax) Depreciation expense Loss on disposal of equipment (before tax) 71.000 210.000 17,800 125.000 3.900 380.000 17,500 154.000 190.000 70,000 154.000 53.000 11,000 Sunland Corporation is subject to a 25% income tax rate. Prepare a multiple-step income statement in good form for Sunland Corporation (earnings per share information is not required). Sunland Corporation Income Statement For the year ended December 31, 2020 Sales Revenue $ 1221000 Cost of Goods Sold 722500 Gross Profit/(Loss) On Sales 498500 Operating Expenses Selling Expenses 129500 Administrative Expenses 154000 Depreciation Expense 53000 Total Operating Expenses 226500 Operating Income 272000 Other Revenue and Gains Gain on Disposal of Discontinued Operations (Net of Tax) 154000 Discontinued Operations Loss on Disposal of Discontinued Operations (Net of Tax) 102500 Loss on Disposal of Equipment 11000 Total Other Expenses and Losses 40500 231500 Dividend Revenue 17800 Income from Continuing Operations 249300 Net Income /(Loss) $

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