amned net income of $152.000 In 2020. The general ledger reveals P14-48 Sintra Flights Ine shows the following financial information at August 31, 2020: $ 220,000 JGeneral expenses .cameupon 18,000 Loss on sale of discontinued segment....... 570,000 Cost of goods sold... 35,500 Income lax expense-continuing operations....... Income tax expense, discontinued segment-operating income .....am 2,000 Income tax saving, discontinued segment-loss on sale ...... (4,500) Interest expense... 27,000 Gain on settlement of lawsuit...... 27,000 / Sales returns.......mmm... 23,000 Contributed surplus from repurchase of preferred shares .... 18,000 Sales discounts.... 7,000 / Sales revenue .... 1,000,000 Operating income, discontinued segment........; 8,000 Loss on sale of property, plant, and equipment........... 5,000 Dividends on preferred shares ........currenttatumtighterthaninwhich 12,500 Preferred shares, $0.50, cumulative, 50,000 shares authorized, 25,000 shares issued and outstanding ............ 350,000 Dividends on common shares ......curtis 25,000 Retained earnings, September 1, 2019......... 197,000 Selling expenses...crew 33,000 Common shares, unlimited shares authorized, 40,000 shares 433,000 Required 1. Prepare a single-step income statement, including earnings per share, for Sintra Flights Inc. for the fiscal year ended August 31, 2020. List expenses from highest to lowest amount. 2. Evaluate income for the year ended August 31, 2020, in terms of the outlook for the 2021 fiscal year. Assume 2020 was a typical year and that Sintra Flights's managers hoped to earn income from continuing operations equal to 12 percent of net sales. P14-58 Orillia Outfitters Led. reported the following shareholders' equity information on January 1, 2020