Assume that the Special Contract Division of Allen experienced the following transactions during the year ended December 31, 2020. (Click the icon to view the transactions.) Requirements 1. Prepare the Special Contracts Division income statement for the year ended December 31, 2020. 2. Identify the accounting concepts, assumptions, or principles used in accounting for the items described in a through f. State how you have applied the concept, assumption, or principle in preparing the Division's income statement Requirement 1. Prepare the Special Contracts Division income statement for the year ended December 31, 2020 Begin by completing the header, and then complete the body of the statement. (Round amounts to the nearest whole dollar. Use parentheses or a minus sign to indicate a net loss.) aperienced the following transactions during the year ended December 31, 2020 Statement for the year ended D or principles used in accounting More Info br principle in preparing the on income statement for the yo the body of the statement (Rou het loss.) b Division C 31 2020 Suppose the division provided copy services to a customer for the discounted price of $260,360. Under normal conditions, Allon would have provided these services for $283,000. Other revenues totalled $56,000 Salaries cost the division $26,000 to provide these services. The division had to pay employees overtime Ordinarily, the salary cost for these services would have been $23,400 Other expenses totalled $250,000. Income tax expense was 29% of income before tax Allen has two operating divisions Each division is accounted for separately to indicate how well each is performing At year-end, Allen combines the statements of divisions to show results for Allen as a whole Inflation affects the amounts that Allen must pay for copy machines. To show the effects of inflation net income would drop by $6,000 1 Allen were to go out of business the sale of its assets would bring in $150,000 in cash d 26360 56000 e 8236 1 26000 250000 Print Done 27600