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The following information is related to Coronado Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2020 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $1,097,600 28,000,000 17,920,000 78,400 5,264,000 918,400 1,393,280 123,200 436,800 492,800 100,800 280,000 89,600 Coronado Company decided to discontinue its entire wholesale operations considered a discontinued operation) and to retain its manufacturing operations. On September 15, Coronado sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.49.) CORONADO COMPANY Income Statement For the Year Ended December 31, 2020 Sales Revenue 28,000,000 Cost of Goods Sold 17,920,000 Gross Profit/ (Loss) 10,080,000 Selling and Administrative Expenses Y 5,264,000 Income from Operations 4,816,000 Other Revenues and Gains Interest Revenue 78,400 Gain on the sale of Investments 123,200 201,600 Other Expenses and Losses 1 Write-off of Goodwill Selling and Administrative Expenses v 918,400 5,264,000 Write-off of Goodwill 918,400 Selling and Administrative Expenses v 5,264,000 6,182,400 Income from Continuing Operations Before Income Tax Y 4099200 1393280 Income Tax Income from Continuing Operations Discontinued Operations 2705920 1 Loss on Disposal, Net of Applicable Tax 492800 Loss on Operations, Net of Applicable Tax 100800 593600 Net Income / Loss) 2112320 11 Other Expenses and Losses Loss on Operations, Net of Applicable Tax 100800 593600 Net Income Loss 2112320 TT Other Expenses and Losses Loss from Flood Damage 436800 Net Income LOSS 1675520