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Prepare an multiple-step income statement for 2020. Assume the350,000shares of common stock were outstanding during 2020. (Round earnings per share to 2 decimal places, e.g.

Prepare an multiple-step income statement for 2020. Assume the350,000shares of common stock were outstanding during 2020.(Round earnings per share to 2 decimal places, e.g. 5.25.)

Presented below is information related toIvanhoeCorp., for the year 2020.

Net sales$4,290,000

Cost of goods sold2,640,000

Selling expenses209,000

Administrative expenses154,000

Dividend revenue66,000

Interest revenue44,000

Interest expense99,000

Write-off of goodwill due to impairment 165,000

Depreciation expense omitted in 2018 231,000

Dividends declared 264,000

Effect on prior years of change in accounting principle (credit)484,000

Loss from operations of discontinued component of business528,000

Gain from disposal of component of business 660,000

Federal tax rate of30% on all items

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