The following information was taken from the records of Waterway Inc. for the year 2020: Income tax applicable to income from continuing operations $216,920; income tax applicable to loss on discontinued operations $29,580, and unrealized holding gain on available-for-sale securities (net of tax) $17,400. Gain on sale of equipment $110,200 Cash dividends declared $174,000 Loss on discontinued operations 87,000 Retained earnings January 1, 2020 2,640,000 Administrative expenses 278,400 Cost of goods sold 986,000 Rent revenue 46,400 Selling expenses 348,000 Loss on write-down of inventory 69,600 Sales Revenue 2,204,000 Shares outstanding during 2020 were 100,000. Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48.) WATERWAY INC. Income Statement For the Year Ended December 31, 2020 Revenues Sales Revenue Rent Revenue Total Revenues Expenses Cost of Goods Sold Selling Expenses Administrative Expenses $ 2,204,000 46,400 986,000 i 348,000 i 278,400 2,250,400 Total Expenses Income from Operations Other Revenues and Gains Loss on Discontinued Operations Other Expenses and Losses Gain on Sale of Equipment Income From Continuing Operations Before Income Tax Income Tax Income From Continuing Operations Discontinued Operations Loss on Discontinued Operations 87,000 i (1,612,400) i 638,000 (87,000) 110,200 661,200 (216,920) i 444,280 Discontinued Operations Loss on Discontinued Operations 87,000 i Less Applicable Income Tax Reduction (29,580) Net Income/(Loss) Per Share of Common Stock Income From Continuing Operations Loss on Discontinued Operations, Net of Tax Net Income/(Loss) 57,420 +A $ 386,860 +A $ 4.44 (.57) 3.87