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The following information was taken from the records of Sheffield Inc. for the year 2020: Income tax applicable to income from continuing operations $209440; income tax applicable to loss on discontinued operations $28560, and unrealized holding gain on available-for-sale securities (net of tax) $16800 $106400 $168000 Gain on sale of equipment Cash dividends declared Loss on discontinued operations 84000 Retained earnings January 1, 2020 2400000 Administrative expenses Cost of goods sold 268800 952000 Rent revenue 44800 Selling expenses 336000 Loss on write-down of inventory 67200 Sales Revenue 2128000 Shares outstanding during 2020 were 100000. Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) SHEFFIELDINC. Income Statement For the Year Ended December 31, 2020 Revenues Sales Revenue 2128000 Rent Revenue 44800 2172800 Total Revenues Expenses 952000 Cost of Goods Sold Selling Expenses 336000 268800 Administrative Expenses Total Expenses 1556800 616000 Income from Operations Other Expenses and Losses 209440 Income Tax Income From Continuing Operations Inventory Loss 67200 22848 44352 Less Applicable Income Tax Reduction Net Income /(Loss) 376992 Per Share of Common Stock Income From Continuing Operations Loss on Discontinued Operations, Net of Tax Net Income/(Loss) 3.77