During 2020, GlenTel Inc. sold its interest in a chain of wholesale outlets. This sale took the company out of the wholesaling business completely. The company still operates its retail outlets.

Following are eight profit-related items:

Debit Credit

1.

Depreciation expense

$

157,500

2.

Gain on sale of wholesale operation (net of $135,000 income taxes)

$

405,000 credit side

3.

Loss from operating wholesale operation (net of $111,000 tax benefit)

333,000 debit side amount

4.

Salaries expense

324,000

dr.

5.

Sales

1,620,000 cr.

6.

Gain on expropriation of company property

264,000 dr.

7.

Cost of goods sold

828,000 dr

8.

Income taxes expense

190,200 dr.

Present a multiple-step income statement for 2020.