For the Year Ended December $31,2023$

Sales Revenue

Cost of Goods Sold

$1034000$

$]$

Selling and Administrative Expenses

Operating Income

Other Revenues

$

Gain on Foreign Currency Other Expenses

Interest Expense

Loss on Loan Settlement

Income from Continuing Operations Before Tax

Income Tax Expense

Income from Continuing Operations

Discontinued Operations

Gain on Disposal of Discontinued Operations

Loss on Discontinued Operations, Net of TaxNet Income $/($Loss$)$

Discontinued Operations

$

$

$ Presented below is information that relates to Oriole Limited for $2023$:In good form, prepare a multiple$-$step income statement for $2023.$ Assume a $20\%$ income tax rate and that $15,040$ common shares

were outstanding duri

Additional information:

$1.$ early in $2023,$ oriole changed depreciation methods for its plant assets from the double$-$declining$-$balance to the straight$-$line method. the affected assets were purchased at the beginning of $2018$ for $$188,000,$ had no residual value, and had useful lives of $10$ years. Depreciation expenseof $$18,800$ is included in the selling and administrative expenses of $$272,600$

$2.$ on september $1,2023,$ oriole sold one of its segments $($product line$)$ to best industries for a gain $($pre$-$tax$)$ of $517,000.$ during the period january $1$ to august $31,$ the discontinued segment incurred an operating loss $($pre$-$tax$)$ of $$451,200.$ this loss is not included in any of the numbers shown above.

$3.$ included in selling and administrative expenses are credit losses of $17,860.$ Oriole bases its credit losses upon a percentage of sales. in $2021$ and $2022,$ the percentage was $0\mathrm{.}5\%.$ in $2023,$ the percentage was changed to $1\%.$

Create a multi$-$step income statement