The following information is related to Sunland Company for 2020. Retained earnings balance, January 1, 2020 $1,117,200 Sales Revenue 28,500,000 Cost of goods sold 18,240,000 Interest revenue 79,800 Selling and administrative expenses 5,358,000 Write-off of goodwill 934,800 Income taxes for 2020 1,418,160 125,400 Gain on the sale of investments Loss due to flood damage 444,600 Loss on the disposition of the wholesale division (net of tax) 501,600 Loss on operations of the wholesale division (net of tax) 102,600 285,000 Dividends declared on common stock Dividends declared on preferred stock 91,200 Sunland Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Sunland 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.) SUNLAND COMPANY Income Statement For the Year Ended December 31, 2020 Sales Revenue 28,500,000 Cost of Goods Sold 18,240,000 Gross Proht /(Loss) 10.260,000 Selling and Administrative Expenses 5,358,000 Income from Operations : 4.902.000 Other Revenues and Gains 7 Interest Revenue 79,800 Gain on the sale of Investments 125,400 205,200 Other Expenses and Losses Write-off of Goodwill 934.800 Lots from Flood Damage 444,600 1,379,400 Income from Continuing Operations Before Income Tax Income Tax 1,418,160 Income from Continuing Operations Discontinued Operations Loss on Disposal. Net of Applicable Tax 2 501,600 Loss on Operations, Net of Applicable Tax : 102,600 604.200 Net Income /(Loss) $ Earnings Per Share Income from Continuing Operations $ Discontinued Operations Loss on Disposal, Net of Applicable Tax 102.600 Losson Operations. Net of Applicable Tax 501,600 604.200 Income from Continuing Operations Discontinued Operations Loss on Disposal. Net of Applicable Tax $ 102,600 Loss on Operations, Net of Applicable Tax 501,600 604.200 Net Income /(Loss) $ 1,705,440