Multiple-step and single step income statement. Haar, Inc. has the following data for the year ended December 31, 2020:

Discontinued operations loss $25,000

Sales discounts..5,000

Cost of goods sold 145,000 Rent revenue18,000

Interest expense 2,000

Selling expenses 15,000

Administrative expenses 33,000

Sales 290,000 Retained Earnings, 1/1/20 300,000

Dividends declared on common stock 50,000

Tax rate of 30% on all items

Shares of common stock outstanding, 10,000

Instructions

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