The following information is taken from the accounting records of Sunland Corporation, a Canadian public company, for the year ended December 31, 2020.

Accounts receivable		$90,500
Retained earnings, January 1, 2020		266,500
Loss on operation of discontinued operations (before tax)		100,000
Sales revenue		1,235,000
Cost of goods sold		724,500
Selling expenses		126,500
Cash		62,000
Common shares (18,000 common shares outstanding)		180,000
Dividend revenue		18,000
Inventory		123,000
Unearned revenue		4,200
Land		360,000
Interest expense		19,500
Administrative expenses		164,000
Notes payable (maturity 2026)		190,000
Accounts payable		68,000
Gain on disposal of discontinued operations (before tax)		156,000
Depreciation expense		52,000
Loss on disposal of equipment (before tax)		10,000

Sunland Corporation is subject to a 25% income tax rate. Prepare a multiple-step income statement in good form for Sunland Corporation (earnings per share information is not required)

Sunland Corporation Income Statement $ $