2. Shown below is an income statement for 2019 that was prepared by a poorly trained bookkeeper of Howell Corporation. Simmons Corporation INCOME STATEMENT December 31, 2019 Sales revenue Investment revenue Cost of goods sold Selling expenses Administrative expense Unrealized gain on Land Dividends Paid Interest expense Income before special items Special items Loss on disposal of a component of the business Major casualty loss an unusual and infrequent item) Net federal income tax liability Net income 5945,000 19.500 (408,500 (145.000 (215.0001 20.000 (10.0001 113.000) 193,000 (30,000) (70.000 124.900) $ 58.100 Instructions Simmons Corporation has 50,000 shares of common stock outstanding and has a 21% federal income tax rate on all tax related items. The retained earnings balance on 1/1/19 was $370,000. Round all earnings per share figures to the nearest cent. a Prepare a multiple-step income statement for 2019 for Simmons Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology)