Problem 1 (15 Points) Pink Floyd Inc., provided the following information for the year 2020. Retained earnings, January 1, 2020 Administrative expenses Selling expenses Sales revenue Cash dividends declared Cost of goods sold. Loss of discontinued operations 672,000 268,800- 336,000 2,128,000- 89,600 952,000 123,200 115,024 19,040 209,440 67,760 2,240 Rent revenue Unrealized holding gain on available-for-sale debt securities Income tax applicable to continuing operations Income tax benefit applicable to loss on discontinued operations Income tax applicable to unrealized holding gain on available-for-sale debt securities a) Prepare a condensed income statement for 2020. Shares outstanding during 2020 were 100,000. (Round earning per share to 2 decimal places, e.g. S1.48.) b) Prepare a retained earnings statement for 2020. Prepare a statement of comprehensive income using the two statement format. c) Extra Credit worth 5 points towards your quiz grade. Lisa and Jody Lisa's salary $108,000; Jody's salary $100,000 Stock transaction - Jody purchased Sirius stock on 6/6/2016 for $5,000 and sold it on 6/16/18 for $1,000. are married and file a joint tax return; both are under age 65. They have income in 2018 as follows: Expenses: Itemized deductions total $20,000 Starmderd deducHim 9uoo0 Requirements/instructions (please type or print legibly - if I can't understand your handwriting, no credit will be given): 1.Using the tax formula, beginning with gross income (NOT INCOME BROADLY DEFINED), calculate Taxable Income. You must show a detailed calculation in order to receive any points. This includes your calculation of the gain or loss on the stock transaction and any limits that may apply. 2.Calculate the Income Tax on the Taxable Income. You must show a detailed calculation in order to ronulu