28 24 403+ Problem II (20 pts) Presented below is information related to Donaldson Corp., for the year 2021. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue Interest expense Depreciation expense omitted in 2020 Preferred Dividends declared Effect on prior years of change in accounting principle (credit) Loss from a lawsuit Loss from operations of discontinued business Gain from disposal of discontinued business Version D $1,920,000 1,210,000 93,000 67,000 30.000- 20.000 41,000 105,000 120.000 220,000- 48,000 230,000 300,000 +S 18,000 +6 Unrealized gain on available-for-sale securities Federal tax rate of 20% on all items Required: Compute each of the following item for 2021. Assume the 200,000 shares of common stock were outstanding during 2021. 1. Income from operations (i.e., operating income) (4 pts) 1920,000 =$291,000. Less: 1,210.000 Less: 93,000 Less: 67000 need to list the items ADD: 30,00R ADD 20000 Less: 4.000 Less: 4/8000 Less 22050 2. Income from continuing operations (after tax) (4 pts) 291,000 %20 = 58200 291.000 58200 = $232800 -4