and the gain on sale of noncurrent asset Graphics Inc. prepared the following income statement at its year-chu, . nt in ed Profit and Loss December 31, 2020 $196,000 64,000 132,000 Sales income Cost of sales Gross profit Costs Salaries Depreciation Selling General and administrative. Interest. Sale of long-term investments, loss Loss on discontinued operations Other income Service Interest Taxable profit Tax (25%) Net profit. $30,000 12,000 42,000 16,000 6,000 10,000 8,600 122,800 7,400 2.800 10,200 19,400 4,900 $ 14,500 Required The statement above has some poor titles, lacks proper organization, and reports some incorrect subtotals. Recast the above statement in an accurate, multiple-step statement in proper form. The following amounts are taken from the accounting records of Trans Corn