Version B Problem II (20 pts) Presented below is information related to Donaldson Corp, for the year 2021. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,930,000 1,250,000 95,000 70,000 28.000 20,000 Interest expense 45.000 Depreciation expense omitted in 2020 105,000 Preferred Dividends declared 120,000 Effect on prior years of change in accounting principle (credit) 240,000 Loss from a lawsuit 52,000 Loss from operations of discontinued business 220,000 Gain from disposal of discontinued business 300,000 16,000 Unrealized gain on available-for-sale securities Federal tax rate of 20% on all items Required: Compute each of the following item for 2021. Assume the 200,000 shares of common stock were outstanding during 2021. 1. Income from operations (i.e., operating income) (4 pts) Net Sales 1,930,000 COGS 1250,000 Gross Polit 680,000 selline Exp 195000 Exp 70,000 Op. Inome 515,000 2. Income from c Div Pes Ong operations (after tax (4 pts) 28000 Interest Rev 20000 Interst. Exp. (45000) Loss tom Lawsuit (52000) Unrealized Gain Bf tax Contin Tal Op (11600) 468,000 90,000 Contined op 360,000 Version B 3 Income from discontinued operations (4 pts) bass for Operations (220,000) Guin from Disposa Bf tax Discontined 6p. 300,000 (80,000) positive 1 4. Net income (2 pts) Contined op 360,000 Discontinued Op (80,000) ok Net Income 240,000 5. Earnings per share as it should appear in the 2021 income statement (4 pts) FPS: "Contimend Op: (360,000-120,000) -2 200,000 Discontinend Op: 1580,000 014 200,000 324 Not Incore (60,000 - 0.8 200,000 6. Comprehensive Income (2 pts) Elect ommitted in 2020 105,000 On prior years Thange in people (200,000) 2