Prepare a multiple-step income statement for 2020 for Fontana Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology). Fontana Corporation has 50,000 shares of common stock outstanding and has a 20% federal income tax rate on all tax related items. Round all earnings per share figures to the nearest cent.

Prepare a multiple-step income statement for 2020 for Fontana Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology). Fontana Corporation has 50,000 shares of common stock outstanding and has a 20% federal income tax rate on all tax related items. Round all earnings per share figures to the nearest cent. Fontana Corporation INCOME STATEMENT December 31,2020 Sales revenue Investment revenue Cost of goods sold Selling expenses Administrative expenses Interest expense Income before special items (408,500) (145,000) (195,000) Special items Loss on disposal of a component of the business (40,000) Net federal income tax liability (6.600) Net income $26,400