1. Multiple-step income statement Presented below is information related to Donaldson Corp., for the year 2025. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue Interest expense Write-off of goodwill due to impairment Depreciation expense omitted in 2015 Dividends declared Effect on prior years of change in accounting principle (credit) Loss from operations of discontinued component of business Gain from disposal of component of business Federal tax rate of 30% on all items Instructions $1,950,000 1,200,000 95,000 70,000 30,000 20,000 45,000 75,000 105,000 120,000 220,000 240,000 300,000 Prepare a multiple-step income statement for 2025. Assume the 200,000 shares of common stock were outstanding during 2025