The ledger of Blossom Corporation at November 30, 2021, contains the following summary data: Cash dividends-common $71,000 Operating expenses $1,122,000 Cash dividends-preferred 25,000 Common shares 326,000 Other comprehensive income-loss on equity investments (before income tax) Rent revenue 92,000 60,000 Cost of goods sold 7,400,000 Preferred shares ($5 noncumulative) 402,000 Depreciation expense 362,000 Retained earnings, December 1, 2020 753,000 Sales 9,032,000 Your analysis reveals the following additional information: 1. The company has a 25% income tax rate. 2. 3. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $19,400 before income tax. The division was sold at a loss of $81,000 before income tax. There were 200,000 common and 5,000 preferred shares issued on December 1, 2020, with no changes during the year. Prepare a multiple-step income statement for the year, BLOSSOM CORPORATION Income Statement Year Ended November 30, 2021 Sales Cost of Goods Sold Gross Profit Operating Expenses Depreciation Expense Profit from Operations Other Revenues Profit before Income Taxes 1122000 362000 90320 74000 16320 14840 1480 600 194