Use the data for GlenTel Inc. in Exercise 13-16 to present a multiple-step income statement for 2020. You need not complete the earnings per share calculations.

Exercise 13-16

Indicate where each of the eight profit-related items for the company would appear on the 2020 income statement by writing the letter of the appropriate section in the blank beside each item.

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