View Policies Current Attempt in Progress The information below relates to the operations of Sunland Corporation, a private company following ASPE, for the year ended December 31, 2020: Cost of goods sold $350,000 Interest expense 2,000 Sales returns and allowances 8,800 Accounts payable 120,000 Sales discounts 3,800 Depreciation expense 284,840 Sales revenue 982,400 Salaries and wages expense 164,100 Prepaid expenses 3,400 Rent expense 37,800 Loss from fire 8,000 Rental revenue 25,600 Additional information: The effective tax rate is 40%. Prepare a single-step income statement in good form by nature. (Round answers to O decimal places, e.g. 5,275.) Revenues Net Sales Sunland Corporation Income Statement For the year ended December 31, 2020 $ 982400 $ 3800