Income Computations Presented below is information related to EverGrande Company at December 31, 2020, the end of its first year of operations.

Sales revenue

$775,000

Cost of goods sold

350,000

Selling and administrative expenses

125,000

Loss on sale of plant assets

25,000

Interest revenue

15,000

Loss on discontinued operations

30,000

Dividends declared and paid

12,000

Instructions: Using the above information, as appropriate, prepare an Income Statement (I/S) with applicable sub-totals. The I/S should be prepared in Excel and in "good form". The income tax rate is 30%. Shares of Capital (i.e. Common) Stock outstanding are 1,000.