helpp

[Problem 2: 20 points) UMass Corporation, a manufacturing company, has a fiscal year end at December 31. An analysis of the accounts and discussions with company officials for the year 2020 revealed the following information: Gain on the sale of investments Net sales Cost of goods sold Loss on disposal of wholesale division Interest revenue Loss on operations of wholesale division Selling and administrative expenses Dividends declared on common stock Write off of goodwill $ 160,000 45,000,000 31,000,000 670,000 105,000 690,000 8,200,000 340,000 780,000 The income tax applicable to income from continuing operations was $1,057,000. Martin Corporation decided to discontinue its wholesale operations and to retain their manufacturing operations. The income tax reduction for the loss on the disposal of the wholesale division amounted to $134,000 and the income tax reduction for the loss on the operations of the wholesale division amounted to $138,000. Instruction: Prepare a multiple-step income statement for the year 2020. In the income statement report (1) gross profit, (2) operating income, (3) income before income taxes, (4) income from continuing operations, and (5) net income. It is not necessary to present earnings [Note: present each item in the correct order)