shown below is an income statement for 20

20 prepared by a poorly trained bookkeeper of Ivanhoe corporation

CALCULATOR PRINTER VERSION Question 21 Shown below is an income statement for 2020 that was prepared by a poorly trained bookkeeper of Ivanhoe Corporation Ivanhoe Corporation INCOME STATLMENT December 31, 2020 Sales revenue Investment revenue Cost of goods sold Selling expenses Administrative expenses Interest expense Income before special items Special items Loss on disposal of a component of the business Net federal income tax liability Net income $823,000 22.000 (411,000) (145,900) (193,300) 13,600) 81,200 (44,500) (11.010 $25,690 Prepare a multiple-step income statement for 2020 for Ivanhoe Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology) Ivanhoe Corporation has 50,000 shares of common stock outstanding and has a so federal income tax rate on all tax related tem. (Round per share values to 2 decimal places, eg. $2.50.) INCOME STATEMENT 823000 Cost of Goods Sold (411000) Gross Pront/ (LOSS) 412000 Search W