Current Attempt in Progress The following information is taken from the accounting records of Pharoah Corporation, a Canadian public company, for the year ended December 31, 2020. a Accounts receivable Retained earnings, January 1, 2020 Loss on operation of discontinued operations (before tax) Sales revenue Cost of goods sold Selling expenses $ 90,500 262,500 99,000 1,227,000 731,000 125,000 58,500 200,000 18,400 Cash Common shares (20,000 common shares outstanding) Dividend revenue Inventory Unearned revenue 123,000 4,400 Land Interest expense Administrative expenses Notes payable (maturity 2026) Accounts payable Gain on disposal of discontinued operations (before tax) Depreciation expense Loss on disposal of equipment (before tax) 350,000 19,000 159,000 180,000 71,000 169,000 45,000 15,000 Pharoah Corporation is subject to a 25% income tax rate Prepare a multiple-step income statement in good form for Pharoah Corporation (earnings per share information is not required). Pharoah Corporation Income Statement $ >