E5-6 (similar to) 1 Income statement The current year's statement of net income for Bunie's Bumpers, Inc. is presented below in a single-step format EE ( Click the icon to view the inoome statement.) Burnie's Bumpers, Inc. Income Statement For the Year Ended December 31 Prepare a condensed, multiple-step statement of net income for Burnie's Bumpers, Inc. that includes all supporting Burnie's Bumpers, Inc. Staterment of Net Income For the Year Ended December 31 Revenues and Gains Interest Income Dividend Income Gain on Sale of Investment Securities Unrealized Gain on Trading Securities $ 905,000 375 920 6,300 6,200 L906000 49000 Less: Cost of Goods Sold Gross Profit 856000 Total Revenues and Gains Expenses and Losses Cost of Goods Sold Selling Expenses Sales Salaries Expense Advertising Expense Depreciation Expense-General $ 918,795 49,000 40,000 22,000 24,000 2,700 3,000 23,000 37,000 3,400 Office Salaries Expense Office Supplies Expense Loss on Asset Impairment Net Income Income statement Total Revenues and Gains Expenses and Losses Cost of Goods Sold Selling Expenses Sales Salaries Expense Advertising Expense Depreciation Expense-General Amortization Expense-General Office Salaries Expense Office Supplies Expense Loss on Asset Impairment Legal Fees-General Accounting Fees-General Interest Expense Income Tax Expense at 45%. s 918,795 $ 49,000 40,000 22,000 24,000 2,700 3,000 23,000 37,000 3,400 3,500 5,900 7,000 314,233 Total Expenses and Losses Income from Continuing Operations Gain on Discontinued Operations-net of tax Net Income "45% x ($918,795-S22 (534,733) S 384,062 3,355 $ 387 417 0,500,- 45% x $698,295-S314233