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Complex Income Statement The following items were derived from Woodbine Circle Corporation's adjusted trial balance on December 31, 2019: Debit Credit Cash Accounts receivable, net Inventory Property, plant, and equipment Accumulated depreciation $500,000 1,500,000 2,500,000 15,100,000 Accounts payable Income taxes payable Notes payable Common stock ($1 for value) Additional paid-in capital Retained earnings, January 1, 2019 Sales-regular Sales-AL Division Cost of sales-regular Cost of sales-AL Division Administrative expenses-regular Administrative expenses-AL Division $4,900,000 2,200,000 200,000 1,000,000 1,000,000 5,800,000 3,000,000 10,100,000 2,000,000 6,200,000 900,000 2,000,000 300,000 Check My Work 1 more Check My Work uses remaining SUUUU Division Interest expense-regular Interest expense-AL Division Loss on sale of Al Division Gain on sale of land Income tax expense 210,000 140,000 250,000 300,000 900,000 $30,500,000 $30,500,000 Other financial data for the year ended December 31, 2019: Federal Income Taxes Paid with federal income tax return $700,000 Accrued 200,000 $900,000 Total income tax expense (estimated) Tax rate on all types of taxable income Discontinued Operations On September 30, 2019, Woodbine sold its Auto Leasing (AL) Division for $4,000,000. The book value of this division was $4,250,000 at that date. For financial statement purposes, this sale was considered as a discontinued Check My Work 1 more Check My Work uses remaining operation of a component of the company. Capital Structure Common stock, par value $1 per share. Number of shares outstanding during all of 2019 Required: Prepare a schedule of the income taxes on continuing operations to be used in the completion of the income statement in part 3. Schedule 1: Income Taxes on Continuing Operations Income from continuing operations before income taxess Income tax rate Total income taxes In continuing operations Prepare a schedule of the income from operations of AL Division for the nine months ended September 30, 2019 (date of discontinuance). Schedule 2: Income from Operations of AL Division For the Nine Months Ended September 30, 2019 (Date of Discontinuance) Income from operations of AL Division Income taxes Gross pront Administrative expenses Check My Wor 1 more Check My Work uses remaining Cost of sales Interest expense Encome before income taxes Income taxes Using the multiple step format, prepare a formal income statement for Woodbine for the year ended December 31, 2019. Use the information from the schedules in parts 1 and 2. Round earnings per share computations to two decimal places WOODBINE CIRCLE CORPORATION Income Statement (Multi-Step) For the Year Ended December 21, 2019 Cho My Wonimore Check My Work uses remaining other expense pool 0100) 0]:001) Discontinued operations dropdown Oh My Won 1 more Checky Work uses remaining