*Problem 4-01 (Part Level Submission) The following information is related to Blue Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2020 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $1,293,600 33,000,000 21,120,000 92,400 6,204,000 1,082,400 1,642,080 145,200 514,800 580,800 118,800 330,000 105,600 Blue Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and *(a1) Your answer is partially correct. Try again. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.) BLUE COMPANY Income Statement For the Year Ended December 31, 2020 Sales Revenue $133000000 Cost of Goods Sold 121120000 Gross Profit/ (Loss) T11880000 Selling and Administrative Expenses 16204000 Income from Operations 15676000 TOther Revenues and Gains Interest Revenue $792400 Gain on the sale of Investments T145200 T237600 TOther Expenses and Losses Write-off of Goodwill 11082400 TLoss from Flood Damage 7514800 71597200 Income from Continuing Operations Before Income Tax 74316400 Income Tax 71642080 Tincome from Continuing Operations 2674320 7237600) Other Expenses and Losses TWrite-off of Goodwill T1082400 Loss from Flood Damage 1514800 71597200 F4316400 Income from Continuing Operations Before Income Tax Tincome Tax 11642080 Income from Continuing Operations 12674320 Discontinued Operations Loss on Operations, Net of Applicable Tax T118800 Loss on Disposal, Net of Applicable Tax 580800 1699600 Net Income / (Loss) ST1 974720 Earnings Per Share: x Income from Continuing Operations 3.95 Discontinued Operations Loss on Operations, Net of Applicable Tax $10.2376 Loss on Disposal, Net of Applicable Tax 71.1616 11.3992 X 2.55 Net Income / (Loss)