The following information was taken from the records of Concord Inc. for the year 2020: Income tax applicable to income from continuing operations $164,560; income tax applicable to loss on discontinued operations $22,440, and unrealized holding gain on available-for-sale securities (net of tax) $13,200. Gain on sale of equipment $83,600 Cash dividends declared $132,000
Loss on discontinued operations 66,000 Retained earnings January 1, 2020 960,000
Administrative expenses 211,200 Cost of goods sold 748,000
Rent revenue 35,200 Selling expenses 264,000
Loss on write-down of inventory 52,800 Sales Revenue 1,672,000

Required:
Prepare a single-step income statement.