Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the adjusted trial balance of Trader J's Corp. at December 31, 2020, its annual year-end. Sales revenue, net Gain on sale of investment Depreciation expense Selling expense General and administrative expenses Rent revenue $950,000 8,000 25,000 140,000 92,300 18,000 7,000 9,000 80,000 10,000 550,000 30,000 Investment revenue Interest expense Recovery from prior expropriation loss Loss on sale of long-term investments Cost of goods sold Casualty loss Average income tax rate on all items Common stock outstanding 25% 40,000 shares a. Prepare a single-step income statement including the earnings per share disclosures. Note: Record Revenues and Gains and Expenses and Losses in order from the highest dollar amount to the lowest dollar amount. Note: Do not use negative signs with your answers. Note: Round the earnings per share amount to two decimal places. Trader J's Corporation Income Statement For Year Ended December 31, 2020 Revenues and gains Sales revenue, net $ Gain from recovery of expropriation loss Rent revenue Gain on sale of investment Investment revenue Total revenues and gains Expenses and losses Cost of goods sold Selling expense General and administrative expense Casualty loss Depreciation expense Loss on sale of long-term investments Interest expense Total expenses and losses Income before income taxes Income tax expense Net income $ Earnings per share $ b. Prepare a multiple-step income statement including the earnings per share disclosures. Assume that rent revenue is nonoperating. Note: Record Other Revenues and Gains and Other Expenses and Losses in order from the highest dollar amount to the lowest dollar amount. Note: Do not use negative signs with your answers, Note: Round the earnings per share amount to two decimal places. Trader J's Corporation Income Statement For Year Ended December 31, 2020 $ Gross profit Operating expenses Selling expenses $ Depreciation expense Total operating expenses Operating income Other revenues and gains . Other expenses and losses Income before income taxes Net income E Earnings per share