please help with what is in red!

Kieso, Intermediate Accounting, 17e Assignment Gradebook ORION Downloadable eTextbook int CALCULATOR Exercise 4-06 Your answer is partially correct. Try again. The following balances were taken from the books of Alonzo Corp. on December 31, 2020. $86,000 Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Bulldings Cost of goods sold 51,000 1,380,000 150,000 20,000 150,000 7,000 45,000 100,000 200,000 140,000 621,000 Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $40,000 28,000 155,000 194,000 170,000 100,000 97,000 32,000 60,000 100,000 150,000 500,000 21,000 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round ear ALONZO CORP. Income Statement For the Year Ended December 31, 2020 ?? 100 BIJ Assignment Gradebook URION CALCU epare a multiple-step income statement; 100,000 shares of common stock were outstanding during the ye ALONZO CORP. Income Statement For the Year Ended December 31, 2020 1380000 Sales Revenue Less T Sales Returns and Alloy 150000 T Sales Discounts T 45000 195000 Net Sales 1185000 ma 1 Cost of Goods Sold Gross Profit/ (Loss) 621000 564000 Operating Expenses T Selling Expenses 1940001 $ % A Kieso, Interneut Assignment Gradebook ORION Downloadable eTextbook 273000 Income From Operations Other Revenues and Gains Interest Revenue 86000 359000 1 other Expenses and Losses Loss from Earthquake (150000) T Interest Expense (60000) Income Before Income Tax 149000 T Income Tax Expense (50660) Net Income / (Loss) Per share of common stock: 98340 Earnings Per Common Share | .98 Click if you would like to Show Work for this question: Open Show Work