Hendrick, Inc. has the following data for the year ended December 31, 2020:

Net sales..................................................................................... $270,000

Discontinued operations loss.................................................... 20,000

Cost of goods sold........................................................................ 165,000

Interest expense............................................................................ 3,000

Selling expenses........................................................................... 15,000

Administrative expenses.............................................................. 35,000

Shares of capital stock outstanding, 10,000

Tax rate of 20% on all items

Instructions

Prepare a multiple-step income statement for Hendrick, Inc. for the year ended December 31, 2020.