Presented below is information related to ColorCity Inc. for year of 2020 (1/1/2020-12/31/2020). Selling and administrative expenses Interest expenses Net Sales Dividends-Common stock Income from operations of discontinued food department (pre-tax) Interest revenues Loss on disposal of discontinued food department (pre-tax) Cost of goods sold Dividends-Preferred stock Retained earnings, 1/1 $ 1,114,000 140,000 3,790,000 56,000 60,000 260,000 120,000 1,780,000 125,000 630,000 Instruction: Use the worksheet provided (see page 2) or use a white paper, then 1. Calculate the following five subtotals/amounts on a multiple step income statement: (1) Gross Profit, (2) Income From Operations, (3) Income before tax, (4) Income tax expense, and (5) Income from continuing operations. Show your work in addition to the answer. Assume a tax rate of 30%. 2. Prepare in good form a partial multiple-step income statement for the year 2020 for Color City Inc. starting from Income from continuing operations. Also include a proper heading. 3. Assume that 140,000 shares of common stock were outstanding during the year. Calculate earnings per share based on the net income (round to two decimals). Show your work in addition to the answer. You can type your work by using WORD or do handwriting. Please make your handwriting clear and neat