Problem 3-53 Reorganizing an Income Statement in Proper Layout and Title LOZ Prepare a multiple-step income statement, in and the gain on sale of noncurrent asset are nonoperating Graphics Inc. prepared the following income statement at its year-end, December 31, 2020. Profit and Loss December 31, 2020 $196,000 64.000 132.000 Sales Income Cost of sales Gross profit Costs Salaries Depreciation Selling General and administrative. Interest ... Sale of long-term investments, loss Loss on discontinued operations Other income Service Interest Taxable profit Tax (25%) Net profit. $30,000 12.000 42.000 16,000 6,000 10.000 8.600 122 800 7,400 2.800 10.200 19,400 4,900 $ 14,500 Required The statement above has some poor titles, lacks proper organization, and reports some incorrect subtotals. Recast the above statement in an accurate, multiple-step statement in proper form