Presented below is information related to Wildhorse Corp., for the year 2020. Net sales $3,510,000
Cost of goods sold 2,160,000
Selling expenses 171,000
Administrative expenses 126,000
Dividend revenue 54,000
Interest revenue 36,000
Interest expense 81,000
Write-off of goodwill due to impairment 135,000
Depreciation expense omitted in 2018 189,000
Dividends declared 216,000
Effect on prior years of change in accounting principle (credit) 396,000
Loss from operations of discontinued component of business 432,000
Gain from disposal of component of business 540,000
Federal tax rate of 30% on all items
Prepare a multiple-step income statement for 2020. Assume the 250,000 shares of common stock were outstanding during 2020.