Given below are various items of Howard Manufacturing Company on December 31, 2020. Prepare a multi-step income statement presented under US GAAP. The income statement should show title for the statement, gross profit, non-operating income, etc., along with all the other items. The tax rate for the company is 25%

Sales revenue $ 1,015,000

Investment revenue 19,500

Cost of merchandise sold (508,500)

Selling expenses (145,000)

Administrative expenses (215,000)

Interest expense (13,000)

Gain on disposal of discontinued division of the business 30,000

Loss from operating the discontinued division before sale during the year (10,000)