Attached is an income statement for Goldenrod Company for the year ending December 31, 20X1 . relating to items on the income statement is provided below. GOLDENROD COMPANY ADDITIONAL INFORMATION FOR INCOME STATEMENT ITEMS FOR YEAR ENDING DECEMBER 31, 20X1 (a) Selling and administrative expenses includes an amount of S5,000 that represents a loss from the sale of investments. The company has losses like this approximately every five (b) Other expenses consisted of interest expense of $10,000 and a loss of S30,000 before taxes due to earthquake damage (earthquakes are considered unusual and infrequent in this part of the country). If the loss had not occurred, income taxes for 20X1 would have been $58,500 instead of $48,000. (c)On January 1, 20X1, Goldenrod changed from the straight line to the sum-of-the-years'- digits depreciation method. The before tax effect of the change was to decrease income by $25,000. These types of items are taxed at the regular tax rate. (d) Goldenrod had a weighted average of 15,000 shares of common stock outstanding during 20X1. The company also paid $20,000 of preferred stock dividends. REQUIRED: Using the multiple step format, prepare a corrected income statement, in proper form for the year ending December 31, 20X1