Riverside Records is currently preparing year-end financial statements for December 31, 2021. Additionally, you have been tasked to construct the income statement for Riverside Records. Selected pretax information is below. Operating expenses $3,000,000 Inventory on 12/31/21 1,700,000 Sales revenue 6,700,000 Gain on sale of discontinued operation 500,000 Operating loss of discontinued operation 70,000 Purchases of inventory 3,000,000 Inventory 1/1/21 1.300.000 Additional information indicates the discontinued operation was sold on November 29, 2021. The entity's board decided to sell the division and developed a formal plan to do so on January 15, 2021. To plan future operations in case the division did not sell by year end, on August 7, 2021, Riverside Records evaluated the fair value of the discontinued component at $700,000 and the net book value to be $300,000. Required: Prepare in multiple-step form, the income statement for Riverside Records for December 31, 2021. Use a 30% tax rate