The following information is from Atlanta Corp. for the 12 months ended December 31, 2020. Prepare a single-step income statement (excluding the earnings per share disclosures) assuming a tax rate of 25%. Report income tax expense in its own separate section.

• Enter revenues and gains and expenses and losses in the order of the largest dollar amount to the smallest dollar amount.
• Do not use negative signs with any of your answers.

2020 $ 400,000 250,000 Account Sales revenue Cost of goods sold Selling and administrative expenses Interest expense Gain on sale of short-term investments 75,000 2,500 4,400