Waterway Inc. provided the following information for the year 2020.

Retained earnings, January 1, 2020		$	696,000
Administrative expenses			278,400
Selling expenses			348,000
Sales revenue			2,204,000
Cash dividends declared			92,800
Cost of goods sold			986,000
Loss on discontinued operations			127,600
Rent revenue			119,132
Unrealized holding gain on available-for-sale debt securities			19,720
Income tax applicable to continuing operations			216,920
Income tax benefit applicable to loss on discontinued operations			70,180
Income tax applicable to unrealized holding gain on available-for-sale debt securities			2,320

Amount Amount $2,204,000 $119,132 $2,323,132 WATERWAY INC. Income statement For the year Ended Dec 31,2020 Particulars Revenues : 1 Sales Revenue 2 Rent Revenue 3 Total Revenues (1+2) Expenses : 4 Cost of Goods Sold 5 Administrative Expenses 6 Selling Expenses 7 Applicable Income tax to Continuing Operation 8 Total Expenses(4+5+6+7) 9 Income from continued operations(3-8) Discontinued Operations : 10 Loss on Discontinued Operations 11 Add Applicable Income tax reduction 12 Net Income / Loss (9+11) $986,000 $278,400 $348,000 $216,920 $1,829,320 $493,812 -$127,600 $70,180 -$57,420 $436,392 $4.94 Earnings per share : 13 Income from continuing operations ($493,812/100,000) 14 Loss from discontinued operations (-$57,420/100,000) 15 Net income / loss (13+14) -S0.57 $4.37 Was this answer helpful? 1 Anonymous answered this 1.366 answers Answer: WATERWAY INC RETAINED EARNING STATEMENT FOR THE YEAR ENDED 2020 5696,000 436,392 Retained earning, 1 January 2020 Add: Net income during the year Less: Cash Dividend declared Retained earning, 31 December 2020 92,800 $1,039,592 Thank you Please upvote Comment > (a3) Prepare a statement of comprehensive income using the two statement format. Shares outstanding during 2020 were 100,000. WATERWAY, INC. Statement of Comprehensive Income V $ Save for Later Attempts: 0 of 1 used Submit