The ledger of Snap 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 Snap 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.) Snap Supplies Inc. Income Statement For the Year Ended September 30, 2020 Accounting records Sales revenue. 365,000 Gain on discontinued operations 19,500 Operating expenses (excluding income tax) 71,500 Income tax expense, operating income. 15,840 Other loss 24,000 Cost of goods sold 220,000 Income tax expense, gain on discontinued operations 6,240 Print Done Net income Requirement 2. Was 2020 a good year or a bad year for Snap Supplies Inc.? Explain your answer in terms of the outlook for 2021. It appears that 2020 was a year. Overall profits will likely in 2021, since the current net income includes a Most investors ignore the for the purpose of predicting the company's future income.