need the answer ASAP

E14-12 The ledger of Paint Supplies Inc. contains the following information for operations for the year ended September 30, 2020: Sales revenue $350,000 Gain on discontinued operations 18,750 Operating expenses (excluding income tax) 67,500 Income tax expense, operating income 10,000 Other loss 22,500 Cost of goods sold 230,000 Income tax expense, gain on discontinued operations 6,250 Required 1. Prepare a multi-step income statement for the year ended September 30, 2020. Omit earnings per share. Use a one-column layout. 2. Was 2020 a good year or a bad year for Paint Supplies Inc.? Explain your answer in terms of the outlook for 2021. 3 Preparing a multi-step income statement Net income, $32,500