Shown below is an income statement for 2020 that was prepared by a poorly trained bookkeeper of Sheridan Corporation.

Sheridan Corporation INCOME STATEMENT December 31, 2020
Sales revenue		$826,000
Investment revenue		21,700
Cost of goods sold		(405,000)
Selling expenses		(145,400)
Administrative expenses		(192,400)
Interest expense		(13,700)
Income before special items		91,200
Special items
Loss on disposal of a component of the business		(43,000)
Net federal income tax liability		(14,460)
Net income		$33,740

Prepare a multiple-step income statement for 2020 for Sheridan Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology). Sheridan Corporation has 50,000 shares of common stock outstanding and has a 30% federal income tax rate on all tax related items.