Current Attempt in Progress The following information was taken from Egeland Ltd.'s adjusted trial balance as at July 31, 2020: Sales revenue $2,761,000 Interest expense 41,000 Cost of goods sold A 1,551,682 Utilities expense 18,000 Depreciation expense 219,000 Distribution expenses 415,000 Administration expenses 276,000 Advertising expense 63,000 Interest revenue 21,000 Income tax expense 76,000 Dividends declared-Common shares 31,000 Dividends declared-Preferred shares 14,818 Prepare a single-step statement of income for the year ended July 31, 2020.