Presented below is information related to Pharoah Corp., for the year 2020.

Prepare a multiple-step income statement for 2020. Assume the 250,000 shares of common stock were outstanding during 2020. (Round earnings per share to 2 decimal places, e.g. 5.25.)

Net sales $4,680,000 Cost of goods sold 2,880,000 Selling expenses 228,000 Administrative expenses 168,000 Dividend revenue 72,000 Interest revenue 48,000 Interest expense 108,000 Write-off of goodwill due to impairment 180,000 Depreciation expense omitted in 2018 252,000 Dividends declared 288,000 Effect on prior years of change in accounting principle (credit) 528,000 Loss from operations of discontinued component of business 576,000 Gain from disposal of component of business 720,000 Federal tax rate of 30% on all items Prepare a multiple-step income statement for 2020. Assume the 250,000 shares of common stock were outstanding during 2020. (Round eamings per share to 2 decimal places, e.g. 5.25.) Pharoah Corp INCOME STATEMENT > v > Per share of common stock: $ $