Presented below is information relating to a public company, Doughnut Bike Company for 2019: . $1,100,000 Collections of cash from accounts receivable....... Retained earnings, January 1, 2019..... . 800,000 2,000,000 Sales ......... 290,000 Selling and administrative expenses ....... 350,000 Fire damage loss (pre-tax)........ 34,000 Cash dividends declared on common stock ..... 1,200,000 Cost of goods sold....... 460,000 Loss resulting from calculation error on depreciation expense in 2016 (pre-tax) .... 180,000 Other revenues .... 120,000 Other expenses....... 340,000 Loss from early repayment of debt (pre-tax)........... 220,000 Gain from transactions in foreign currencies (pre-tax).......... 60,000 Proceeds from sale of Doughnut Bike Company common shares... Additional information: 1. Depreciation expense of $20,000 is included in the "Selling and Administrative Expenses of $290,000. 2.On September 1, 2019, Doughnut sold one of its segments (product line) to Best Industries for a gain (pre-tax) of $550,000. During the period January 1 to August 31, this discontinued segment incurred an operating loss (pre-tax) of $480,000: this loss is not included in any of the numbers shown above. 3. Included in "Selling and Administrative Expenses" is "Bad Debts Expense" of $19,000. Required In good form, prepare Doughnut Bike Company's multiple-step income statement for 2019 on the following page. Assume a 20% income tax rate and that 20,000 common shares were outstanding during the year. Doughnut Bike Company applies IFRS