The following items were derived from Woodbine Circle Corporation’s adjusted trial balance on December 31, 2019:

Other financial data for the year ended December 31, 2019:
Federal Income Taxes
Paid with federal income tax return.................................$700,000
Accrued.................................................................................200,000
Total income tax expense (estimated).............................$900,000
Tax rate on all types of taxable income..............................40%

Discontinued Operations
On September 30, 2019, Woodbine sold its Auto Leasing (AL) Division for $4,000,000. The book value of this division was $4,250,000 at that date. For financial statement purposes, this sale was considered as a discontinued operation of a component of the company.
Capital Structure
Common stock, par value $1 per share. Number of shares outstanding during all of 2019 .............................1,000,000

Required:
Using the multiple-step format, prepare a formal income statement for Woodbine for the year ended December 31, 2019, together with the appropriate supporting schedules. All income taxes should be appropriately shown.

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Debit Credit Cash 500,000 1,500,000 2,500,000 15,100,000 Accounts receivable, net Inventory Property, plant, and equipment Accumulated depreciation Accounts payable Income taxes payable Notes payable Common stock ($1 par value) Additional paid-in capital Retained earnings, January 1, 2019 Sales – regular Sales- AL Division $ 4,900,000 2,200,000 200,000 1,000,000 1,000,000 5,800,000 3,000,000 10,100,000 2,000,000 Cost of sales-regular Cost of sales-AL Division Administrative expenses-regular Administrative expenses-AL Division Interest expense-regular Interest expense –-AL Division Loss on sale of AL Division Gain on sale of land 6,200,000 900,000 2,000,000 300,000 210,000 140,000 250,000 300,000 Income tax expense 900,000 $30,500,000 $30,500,000