5. The following information was taken from the records of Cartoons Inc. for the year 2020: Income tax applicable to income from continuing operations $261,800; Income tax applicable to loss on discontinued operations 535,700; Income tax applicable to unusual gain $45,220: Income tax applicable to unusual loss $28,560; and Unrealized holding gain on available-for-sale securities $21,000. Unusual gain Loss on discontinued operations Administrative expenses Rent revenue Unusual loss $ 133,000 105,000 336,000 56,000 84,000 Cash dividends declared Retained earings January 1, 2020 Cost of goods sold Selling expenses Sales $ 210,000 840,000 1,190,000 420,000 2,660,000 Shares outstanding during 2020 were 100,000. Required: (a) Prepare a single-step income statement for 2020. (b) Prepare a retained earnings statement for 2020. (c) Show how comprehensive income is reported using the two-statement format