Simple Income Statement You may use the attached spreadsheet to help you complete this activity, but you are not required to do so. You will find the spreadsheet by clicking on the green Excel icon in the upper left hand corner of the activity. The following are selected items derived from Dibb Company's adjusted trial balance on December 31, 2019; Loss on sale of land $5,000 Cost of goods sold 130,000 Sales (net) 198,000 Operating expenses 45,000 Twelve thousand shares of common stock were outstanding the entire year. Required: Assuming a 30% income tax rate on all items of income, prepare Dibb's 2019 income statement using a multiple-step format. Round earnings per share computations to two decimal places. DIBB COMPANY Income Statement (Multiple-Step) For Year Ended December 31, 2019 Sales (net) Cost of goods sold Gross profit x Operating expenses x Operating income Other items Loss on sale of land Income before income tax Income tax expense Net income Components of Income EPS Net income Assuming a 30% income tax rate on all items of income, prepare Dibb's 2019 income statement using a single-step format. Round earnings per share computations to two decimal places. Revenues DIBB COMPANY Income Statement (Single-Step) For Year Ended December 31, 2019 Sales (net) Expenses Cost of goods sold. x Operating expenses Loss on sale of land x Revenues DIBB COMPANY Income Statement (Single-Step) For Year Ended December 31, 2019 Sales (net) Expenses Cost of goods sold Operating expenses Loss on sale of land Income tax expense |0000 X X xx Total expenses X X Net income X Components of Income EPS X Net income