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Cullumber Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2020 an...

Cullumber Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2020 an analysis of the accounts and discussions with company officials revealed the following information:

Sales revenue $1,219,000
Discontinued operations loss (net of tax) 50,400
Selling expenses 126,000
Cash 60,700
Accounts receivable 92,000
Common stock 200,000
Cost of goods sold 699,400
Accumulated depreciation-machinery 183,200
Dividend revenue 8,500
Unearned service revenue 4,000
Interest payable 1,600
Land 373,000
Patents 106,000
Retained earnings, January 1, 2020 255,480
Interest expense 18,300
Administrative expenses 166,400
Dividends declared 24,000
Allowance for doubtful accounts 5,200
Notes payable (maturity 7/1/23) 214,000
Machinery 458,000
Materials 39,200
Accounts payable 57,200


The amount of income taxes applicable to income was $65,220, excluding the tax effect of the discontinued operations loss which amounted to $21,600.

Prepare a multiple-step income statement.

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