The following information was taken from the records of Novak Inc. for the year 2020: Income tax applicable to income from continuing operations $239,360; income tax applicable to loss on discontinued operations $32,640, and unrealized holding gain on available-for-sale securities (net of tax) $19,200.

Gain on sale of equipment		$121,600		Cash dividends declared		$192,000
Loss on discontinued operations		96,000		Retained earnings January 1, 2020		3,360,000
Administrative expenses		307,200		Cost of goods sold		1,088,000
Rent revenue		51,200		Selling expenses		384,000
Loss on write-down of inventory		76,800		Sales Revenue		2,432,000

Shares outstanding during 2020 were 100,000.

The following information was taken from the records of Novak Inc. for the year 2020: Income tax applicable to income from continuing operations $239,360; income tax applicable to loss on discontinued operations $32,640, and unrealized holding gain on available-for- sale securities (net of tax) $19,200. $121,600 $192,000 Gain on sale of equipment Cash dividends declared Loss on discontinued operations 96,000 Retained earnings January 1, 2020 3,360,000 Administrative expenses Cost of goods sold 307,200 1,088,000 Selling expenses Rent revenue 51,200 384,000 Loss on write-down of inventory Sales Revenue 76,800 2,432,000 Shares outstanding during 2020 were 100,000. Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) NOVAK INC. Income Statement For the Year Ended December 31, 2020 Revenues Sales Revenue 2,432,000 51,200 Rent Revenue Total Revenues 2,483,200 Expenses Cost of Goods Sold 1,088,000 Administrative Expenses 307,200 Selling Expenses 384,000 Total Expenses 1,779,200 Income From Continuing Operations 704,000 Discontinued Operations Loss on Discontinued Operations (239,360) +A Loss on Discontinued Operations (239,360) Other Expenses and Losses Income From Continuing Operations Before Income Tax Income From Continuing Operations Before Income Tax Income Tax Income From Continuing Operations Discontinued Operations Loss on Discontinued Operations Applicable Income Tax Reduction Add Net Income/(Loss) $ Per Share of Common Stock Income From Continuing Operations $ Loss on Discontinued Operations, Net of Tax Net Income/(Loss) $ +A tA