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Question 5 of 10 9.05 / 10 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. The following information is taken from the accounting records of Oriole Corporation, a Canadian public company, for the year ended December 31, 2020. Accounts receivable $ 95,000 Retained earnings, January 1, 2020 257.500 Loss on operation of discontinued operations (before tax) 105,000 Sales revenue 1,124,000 Cost of goods sold 733,000 Selling expenses 129.500 Cash 67.000 Common shares ( 20,000 common shares outstanding) 200,000 Dividend revenue 18,500 Inventory 127,000 Unearned revenue 3,500 Land 350,000 Interest expense 20,000 Administrative expenses 163.000 Notes payable (maturity 2026) 200,000 Accounts payable 56,000 Gain on disposal of discontinued operations (before tax) 172,000 Depreciation expense 48.000 Loss on disposal of equipment (before tax) 10,000 Oriole Corporation is subject to a 25% income tax rate. Prepare a multiple-step income statement in good form for Oriole Corporation (earnings per share information is not required). Oriole Corporation Income Statement For the year ended December 31, 2020 Sales Revenue $ 1,124,000 Cost of Goods Sold 733,000 Question 5 of 10 9.05 / 10 E Oriole Corporation Income Statement For the year ended December 31, 2020 Sales Revenue 1,124,000 Cost of Goods Sold 733,000 i Gross Profit/(Loss) On Sales 391000 Operating Expenses Administrative Expenses $ 163,000 i Selling Expenses 129,500 i Depreciation Expense 48,000 i Total Operating Expenses 340500 i Income from Continuing Operations before Income Tax 50500 Other Revenue and Gains Dividend Revenue 18.500 Other Expenses and Losses Interest Expense 20.000 i Loss on Disposal of Equipment 10000 i Total Other Expenses and Losses 30000 Income from Continuing Operations before Income Tax 39000 Income Tax Expense 23750 Income from Continuing Operations 15250 Discontinued Operations Gain on Disposal of Discontinued Operations (Net of Tax) 129000 Loss on Operation of Discontinued Operations (Net of Tax) 78750 i 50250 Net Income /(Loss) $ 65500