Accounting, Analysis, and Principles al-a3 (Part Level Submission) Whispering Inc. provided the following information for the year 2020. Retained earnings, January 1, 2020 Administrative expenses Selling expenses Sales revenue Cash dividends declared Cost of goods sold Loss on discontinued operations Rent revenue Unrealized holding gain on available-for-sale debt securities Income tax applicable to continuing operations Income tax benefit applicable to loss on discontinued operations Income tax applicable to unrealized holding gain on available-for-sale debt securities $ 780,000 312,000 390,000 2,470,000 104,000 1,105,000 143,000 133,510 22,100 243,100 78,650 2,600 (al) Your answer is partially correct. Try again. Prepare a single-step income statement for 2020. Shares outstanding during 2020 were 100,000. (Round earnings per share to 2 decimal places, e.g. $1.48.) WHISPERING, INC. Income Statement For the Year Ended December 31, 2020 Revenues Sales Revenue 2470000 Rent Revenue 133510 Total Revenues 2603510 Expenses Cost of Goods Sold 1105000 Selling Expenses 390000 Administrative Expense 312000 X Income Tax Expense 245700 x Total Expenses 2052700 Cost of Goods Sold 1105000 Selling Expenses 390000 Administrative Expense 312000 Income Tax Expense 245700 Total Expenses 2052700 X Income From Continuing Operations Before Income Tax 550810 Income From Continuing Operations 550810 x Less Applicable Income Tax Reduction 245700 305110 Other Comprehensive Income 64350 Comprehensive Income Income From Continuing Operations 550810 X EX Retained Earnings, January 1 780000 1> Net Income / (Loss) 1330810