Margaret Moylan Corporation had the following transactions and events in 2021. The corporation is subject to a 30% tax rate on all items. All amounts are material. The corporation's primary business activity is the sale of energy products. 1. The corporation experienced an uninsured flood loss in the amount of $60,000 during the year. The flood is unusual and infrequent in the region where the corporation resides. II. At the beginning of 2020, the corporation purchased an office machine for $108,000 (residual value of $18,000) with a useful life of six years. The bookkeeper used straight-line depreciation for 2020 and 2021 but failed to deduct the residual value in calculating the depreciable base. The same depreciation calculations were used for tax purposes. III. Sale of securities held as part of Moylan's investment portfolio resulted in a loss of $62,200 (pre-tax). The securities in the investment portfolio are classified as gains/losses through net income. IV. When the president died, the corporation realized $100,000 from an insurance policy. The cash surrender value of this policy has been carried on the books as an investment in the amount of $34,000. (The gain is non-taxable). V. The corporation disposed of a component of the business at a loss of $140,000 before tax. Assume that this transaction meets the criteria for being classified as discontinued operations. There were no results of operations for the division during 2021. VI. The corporation had an unrealized gain of $40,000 on other gains or losses through other comprehensive income securities during the year. The securities are classified as gains/losses through other comprehensive income. Instructions: Describe how each of the items will be reported in a multi-step income statement and comprehensive income for 2021. Indicate th Page 9 of 10 amount that will be reported and the section of the income statement and comprehensive income in which the amount will appear.