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med net income of $152.000 in 2020. The general ledger reveals P1448 Sintra Flights Inc shows the following financial information at August 31, 2020: JGeneral expenses... $ 220,000 Loss on sale of discontinued segment.. 18,000 Cost of goods sold 570,000 Income tax expense-continuing operations 35,500 2,000 Income tax expense, discontinued segment-operating income. Income tax saving, discontinued segment-loss on sale (4,500) Interest expense 27,000 Gain on settlement of lawsuit.. 27,000 V Sales returns. 23,000 Contributed surplus from repurchase of preferred shares 18,000 Sales discounts... 7,000 Sales revenue 1,000,000 Operating income, discontinued segment... 8,000 Loss on sale of property, plant, and equipment 5,000 Dividends on preferred shares. 12,500 Preferred shares, $0.50, cumulative, 50,000 shares authorized, 25,000 shares issued and outstanding. 350,000 Dividends on common shares..... 25,000 Retained earnings, September 1, 2019. 197,000 Selling expenses.... 33,000 Common shares, unlimited shares authorized, 40,000 shares issued and outstanding. 433,000 Required 1. Prepare a single-step income statement, including earnings per share, for Sintra Flights Inc. for the fiscal year ended August 31, 2020. List expenses from highest to lowest amount 2. Evaluate income for the year ended August 31, 2020, in terms of the outlook for the 2021 fiscal year. Assume 2020 was a typical year and that Sintra Flights's managers hoped to earn income from continuing operations equal to 12 percent of net sales. P14-5 Orillia Outfitters Ltd. reported the following shareholders' equity information on January 1, 2020