Current Attempt in Progress

The following information is taken from the accounting records of Blossom Corporation, a Canadian public company, for the year ended December 31, 2020.

Accounts receivable		$85,000
Retained earnings, January 1, 2020		250,000
Loss on operation of discontinued operations (before tax)		95,000
Sales revenue		1,100,000
Cost of goods sold		720,000
Selling expenses		125,000
Cash		55,000
Common shares (18,000 common shares outstanding)		180,000
Dividend revenue		17,500
Inventory		120,000
Unearned revenue		3,500
Land		350,000
Interest expense		17,500
Administrative expenses		150,000
Notes payable (maturity 2026)		180,000
Accounts payable		50,000
Gain on disposal of discontinued operations (before tax)		150,000
Depreciation expense		45,000
Loss on disposal of equipment (before tax)		10,000

Blossom Corporation is subject to a 25% income tax rate. Prepare a multiple-step income statement in good form for Blossom Corporation (earnings per share information is not required).