Problem 1 - Multiple Step Income Statement Kaechele, Inc. has the following data for the year ended December 31, 2020: Net sales $ 1,375,000 Discontinued operations loss 55,000 Discontinued operations disposal loss 35,000 Impairment of plant equipment 25,000 Gain of the sale of securities - only investment 15,000 Impairment of goodwill 27,000 Cost of goods sold 825,000 Interest expense 67,000 Interest income 23,000 Selling expenses 68,750 Administrative expenses 41,250 Error correction net of tax impact 17,300 Tax rate of 20% on all items Instructions Prepare a multiple-step income statement for Kaechele, Inc. for the year ended December 31, 2020