The ledger of Industrial Supplies Inc. contains the following information for operations for the year ended September 30, 2020. (Click the icon to view the accounting records.) Required 1. Prepare a multiple-step income statement for the year ended September 30, 2020. Omit earnings per share. 2. Was 2020 a good year or a bad year for Industrial Supplies Inc.? Explain your answer in terms of the outlook for 2021. Requirement 1. Prepare a multiple-step income statement for the year ended September 30, 2020. Omit earnings per share. (Use parentheses or a minus sign for any losses.) Industrial Supplies Inc. Income Statement For the Year Ended September 30, 2020 Accounting records Sales revenue Gain on discontinued operations 395,000 17,500 Operating expenses (excluding income tax) 69,000 Income tax expense, operating income. 13,350 Other loss 26,500 Cost of goods sold 255,000 Income tax expense, gain on discontinued operations 5,250 Print Done Net income year. Overall profits will likely Requirement 2. Was 2020 a good year or a bad year for Industrial Supplies Inc.? Explain your answer in terms of the outlook for 2021. It appears that 2020 was a in 2021, since the current net income includes a Most investors ignore the for the purpose of predicting the company's future income. -