Question: 1 (20 Marks) During 2020, Glen Tel Inc. sold its interest in a chain of wholesale outlets. This sale took the company out of the wholesaling business completely. The company still operates its retail outlets. Following are eight profit-related items: Credit 1 $ Debit 157,50 0 2 $ 405,000 Depreciation expense Gain on sale of wholesale operation (net of $135,000 income taxes) Loss from operating wholesale operation (net of $111,000 tax benefit) Salaries expense 3 333,00 0 324,00 0 5 Sales 1,620,00 0 6 Gain on expropriation of company property 264,000 7 Cost of goods sold 828,00 0 190,20 0 8 Income taxes expense Present a multiple-step income statement for 2020