The following information is related to Metlock Company for 2020. Retained earnings balance, January 1, 2020 $1,058,400 Sales Revenue 27,000,000 Cost of goods sold 17,280,000 Interest revenue 75,600 Selling and administrative expenses 5,076,000 Write-off of goodwill 885,600 Income taxes for 2020 1,343,520 Gain on the sale of investments 118,800 Loss due to flood damage 421,200 Loss on the disposition of the wholesale division (net of tax) 475,200 Loss on operations of the wholesale division (net of tax) 97,200 Dividends declared on common stock 270,000 Dividends declared on preferred stock 86,400Coronado Company decided to discontinue its entire wholesale operations considered a discontinued operation) and to retain its manufacturing operations. On September 15, Coronado sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. Prepare a multiple-step income statement. CORONADO COMPANY Income Statement For the Year Ended December 31, 2020 Sales Revenue 28,000,000 Cost of Goods Sold 17,920,000 Gross Profit/ (Loss) 10,080,000Selling and Administrative Expenses 5,264,000 Income from Operations 4,816,000 Other Revenues and Gains Interest Revenue 78,400 Gain on the sale of Investments 123,200 201,600 Other Expenses and Losses Write-off of Goodwill 918,400 Income Tax 1,393,280 2,311,680 2311,080 Income from Continuing Operations Loss from Flood Damage Net Income / (Loss)