Use the data for GlenTel Inc. in Exercise 13-17 to present a multiple-step income statement for 2023. You need not complete the earnings per share calculations.

Data From  Exercise 13-17

During 2023, GlenTel Inc. sold its interest in a chain of wholesale outlets. This sale took the company out of the wholesaling business completely. The company still operates its retail outlets. Following is a lettered list of sections of an income statement:

1. Profit or loss from continuing operations2. Profit or loss from operating a discontinued operation3. Profit or loss from disposing of a discontinued operationIndicate where each of the eight profit-related items for the company would appear on the 2023 income statement by writing the letter of the appropriate section in the blank beside each item.

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= 1. Depreciation expense 2. Gain on sale of wholesale operation (net of $135,000 income taxes) 4. Salaries expense 5. Sales Debit Credit 3. Loss from operating wholesale operation (net of $111,000 tax benefit) 333,000 324,000 6. Gain on expropriation of company property 7. Cost of goods sold 8. Income taxes expense $157,500 828,000 190,200 $ 405,000 1,620,000 264,000