Below is the income statement for Irwin Inc. in a single-step format.

Irwin Inc

Income Statement

For the Year Ended December 31, 2019

Sales		2,950,000
Rent Income		13,560
		2,963,560
Costs and Expenses:
Cost of Sales		2,265,120
Selling and Administrative Expenses		322,000
Interest Expense		46,589.00
Loss on the Sale of Plant Assets		14,950.00
		2,648,659
Income Before Taxes		314,901.00
Income Taxes		111,555.00
Net Income	203,346.00
Earnings per Share	$ 7.30

Required:

1.	Construct multiple-step format income statement. (6 marks)
2.	Recalculate the net income, but with the unusual loss removed. (2 marks)
3.	Why do you think the unusual loss is not considered extraordinary or a disposal of a segment? (2 marks)

with explanation please