The Resort Corporation owns an airline and a group of gambling casinos The airline, which has not been profitable, was discontinued on July 1, 2020 The 2020 results were as follows The Casino had the following information for 2020 Net Sales, $10,600,000, Cost of Goods Sold, 6,500,000, and Operating Expenses 2,100,000 On January 1, 2020 Resort decided to sell off the airline business The airline was sold On July 1 st at a gain of $450,000 before taxes From January 1 st until July 1 st , the Airline had lost $1,400,000 from operations During the year, Resort suffered a loss of $180,000 before taxes as one of its casinos was destroyed by fire On January 1, 2018, Resort changed from LIFO to FIFO during the year The effect of this change was to decrease previous years' income by $300,000 before taxes Resort discovered that last year's interest expense was overstated by $70,000 because of an error Resort incurred $45,000 of interest on its notes payable Resort sold 100 slot machines for $40,000 These machines had a cost of $100,000 and Accumulated Depreciation of $75,000 Resort's income tax rate is 20 The resort had beginning retained earnings of $3,100,000 Resort declared and paid a $375,000 dividend during the year During the year, Resort had 500,000 shares of common stock outstanding Resort received $12,000 in dividends from an investment Required Prepare a multi step income statement and statement of retained earnings for Resort for 2020, including EPS disclosures The statements should be in proper form

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The Resort Corporation owns an airline and a group of gambling casinos. The airline, which has not been profitable, was discontinued on July 1, 2020.

The Resort Corporation owns an airline and a group of gambling casinos. The airline, which has not been profitable, was discontinued on July 1, 2020. The 2020 results were as follows:

The Casino had the following information for 2020. Net Sales, $10,600,000, Cost of Goods Sold, 6,500,000, and Operating Expenses 2,100,000

On January 1, 2020 Resort decided to sell off the airline business. The airline was sold On July 1^st at a gain of $450,000 before taxes. From January 1^st until July 1^st, the Airline had lost $1,400,000 from operations.

During the year, Resort suffered a loss of $180,000 before taxes as one of its casinos was destroyed by fire.

On January 1, 2018, Resort changed from LIFO to FIFO during the year. The effect of this change was to decrease previous years' income by $300,000 before taxes.

Resort discovered that last year's interest expense was overstated by $70,000 because of an error.

Resort incurred $45,000 of interest on its notes payable.

Resort sold 100 slot machines for $40,000. These machines had a cost of $100,000 and Accumulated Depreciation of $75,000.

Resort's income tax rate is 20%.

The resort had beginning retained earnings of $3,100,000

Resort declared and paid a $375,000 dividend during the year.

During the year, Resort had 500,000 shares of common stock outstanding.

Resort received $12,000 in dividends from an investment.

Required: Prepare a multi-step income statement and statement of retained earnings for Resort for 2020, including EPS disclosures. The statements should be in proper form.