Dandarion company is a merchandising firm that started its operation 20 years ago with headquarter located in London, the company has three main branches located in Manchester, Liverpool and Nottingham. You are the financial manager of the company and you are currently trying to prepare the financial reports for the company. You have extracted the following account balances from the Adjusted Trial Balance at the end of 2020:

Inventory	$17,550	Share capital	$1,900,000
Prepaid insurance short term	$12,200	Retained earnings	$10,890,000
Prepaid insurance (non-current)	$16,890	Accumulated other comprehensive loss	12,000
Cash and cash equivalents	$1,980,715	Sales revenues	$7,500,000
Supplies	$10,000	Cost of goods sold	$4,650,000
Account receivable	$1,675,000	Fright out	$35,000
Allowance for doubtful accounts	$78,000	Sales commission	$11,000
Buildings	$1,500,000	Sales agents salaries and wages	$177,000
Accumulated depreciation- Building	$670,000	Salaries and wages- administrative	$50,000
Lands	$800,000	Supplies expense	$19,690
Trading investments	$34,900	Depreciation expense for delivery truck selling	$180,700
Held for collection investments	$15,897	Depreciation expense for building administrative	$290,000
Goodwill	$12,340	Impairment loss	$367,000
Patents	$20,000	Unrealized holding gain on trading investments	$12,900
Other assets	$10,900	Unrealized holding loss on non-trading investments	$15,500
Account payable	$15,000	Gain on sale of lands	$10,000
Unearned revenues	$16,700	Gain on sale of Manchester division	$17,800
Pension liabilities	$124,870	Loss from Manchester division	$190,000
Note payable	$120,000	Interest expense	$12,000
Sales return and allowances	$167,000	Rent revenues	$124,000
Sales discount	$320,000	Interest revenues	$13,400
Cash dividends	$160,000	Share dividends	$120,000
Commercial advertising expense	$16,590	Gains on foreign currency translation	$33,000

And you have the following additional information:

1. The company is subject to 25% tax rate

2. The balance of Share capital, Retained earnings and Accumulated other comprehensive income in the adjusted TB represents the beginning balances for those accounts

3. The company decided to change its method for depreciation for the delivery truck, which resulted in cumulative expense not recorded in previous years total of 10,000. The depreciation expense for the current year in the adjusted TB is calculated using the newly applied method

4. The company discovered that it has understated Bad dept. expense due to an error in calculation by the amount of 17,000.

5. The company discovered that it had understated the useful life of its building which was modified and reflected on the depreciation expense reported in the TB

6. Non- controlling interest represents 10% of total income

7. The company repurchased outstanding shares total of $130,000 during the year and the weighted average number of shares during the year is 1,000,000 shares.

Calculate net sales

Calculate gross profit

Calculate total selling expenses

Calculate total other income and expenses

Calculate operating income

Calculate income before income taxes

Calculate income from continuing operation