The following items were taken from the adjusted trial balance of the Bremeur Corporation on 31 December 20X5. Assume an average 20% income tax on all items (including the divestiture loss). The accounting period ends 31 December. All amounts given are pretax and are subject to the same income tax rate. Bremeur had 30,000 shares outstanding at the beginning of the year. On 31 August 20X5, an additional 9,000 shares were issued; at the end of 20X5, 39,000 shares were outstanding.

Sales revenue from continuing operations........... $ 695,200

Revenue in business segment being discontinued.......... 75,000

Rent revenue........................ 2,400

Interest revenue .......................900

Gain on sale of investments ..................2,000

Distribution expenses .....................136,000

General and administrative expenses.............. 110,000

Operating expenses in business segment being discontinued .....78,000

Interest expense .......................1,500

Depreciation and amortization.................. 6,000

Settlement of legal claim agains the company............. 10,000

Asset impairments, discontinued operation .............12,000

Cost of goods sold .......................330,000

Operating loss of discontinued operation to disposal date, before income tax. 75,000

Required:

1. Prepare a single- step income statement.

2. Prepare a multiple- step income statement.