Problem 2Income statement and retained earnings statement. Porter Corporation's capital structure consists of 50,000 shares of common stock, At December 31, 2020 an analysis of the accounts and discussions with company officials revealed the following information: Sales revenue Discontinued operations loss (net of tax) Selling expenses Cash Accounts receivable Common stock Cost of goods sold Accumulated depreciation-machinery Dividend revenue Unearned service revenue Interest payable Land Patents Retained earnings, January 1, 2020 Interest expense Administrative expenses Dividends declared Allowance for doubtful accounts Notes payable (maturity 7/1/23) Machinery Materials Accounts payable $1,250,000 63,000 128,000 60,000 90,000 200,000 700,000 180,000 8,000 4,400 1,000 370.000 100,000 270,000 17,000 170,000 24,000 5,000 200,000 450,000 40.000 60,000 Other information Other information: 1. The amount of income taxes applicable to income was $72,900, excluding the tax effect of the discontinued operations loss which amounted to $27,000. 2. The corporation experienced an uninsured hurricane loss in amount of $130,000 during the year. 3. Sales of securities held as a part of its portfolio resulted in a gain of $40,000. 4. When its chairman of the board died, the corporation realized $500,000 from an insurance policy. Th cash surrender value of this policy has been carried on the books as an investment in the amount of $410,000 Instructions Prepare a multiple-step income statement. (20 Points)