general entries too

Question: 1 (20 Marks) 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 3.Loss from operating wholesale operation (net of $111,000 tax benefit) 333,000 4.Salaries expense 324,000 5.Sales 1.620,000 6. Gain on expropriation of company property 264,000 7.Cost of goods sold 828,000 8.Income taxes expense 190.200 Present a multiple-step income statement for 2020