Question 10 The following information was taken from the records of Blossom Inc. for the year 2020: Income tax applicable to income from continuing operations $231,880; income tax applicable to loss on discontinued operations $31,620, and unrealized holding gain on available for sale securities (net of tax) $18.600. Gain on sale of equipment $117,600 Cash dividends de ved $186,000 Loss on discontinued operations 93,000 Retained earnings January 1, 2020 3,120,000 Administrative expenses 297,600 Cost of goods sold 1,054,000 Rent revenue 49,600 Selling expenses 172.000 Loss or write down of inventory 34,400 Sales Revenue 2,356,000 Shares outstanding during 2020 were 100,000 BLOSSOM INC. Comprehensive Income Statement For the Year Ended December 31, 2020 Comprehensive Income 2405600 Loss on Discontinued Operations X Total Expenses 1723600 Net Income / (Loss) 432140