Presented below is information related to Black Forrest Clocks Co. for its fiscal year ending December 31, 2020. During the year, the Board of Directors decided to discontinue the operations of its entire Souvenir Clock division due to the lack of tourists in the area. However, Black Forrest has decided to continue the operations of its Mechanical German Clocks division. In August 2020, Black Forrest sold the Souvenir Clock operations to Clocks Depot. The following amounts were taken from Black Forrests general ledger:

Administrative expenses $ 12,500

Cash dividends declared 17,000

Cost of goods sold 55,000

Dividend income 8,600

Interest expense 650

Income from the Souvenir Clock division, before tax 21,050

Loss on the disposal of the Souvenir Clock division, before tax 92,300

Gain on sale of fixed assets 11,600

Rent expense was omitted in 2018 7,200

Retained earnings, January 1, 2020 265,000

Sales 182,000

Sales returns and allowances 26,400

Selling expenses 37,000

Unrealized gain on available for sale debt securities, before tax 10,200

Write-off of obsolete inventory 9,000

Additional information:

• All amounts are before tax. Assume a 28% tax rate when calculating income taxes. This includes items such as ordinary income, discontinued operations, other comprehensive income and prior period adjustments if applicable.
• There are 150,000 shares of common stock outstanding for the Earnings per Share (EPS) disclosure. All EPS amounts should be rounded to pennies.

Prepare a multi Step Income Statement for year ended December 31,2020.