The following information was taken from the records of Roland Carlson Inc. for the year 2020: income tax applicable to income from continuing operations $187,000, income tax applicable to loss on discontinued operations $25,500, and unrealized holding gain on available-for-sale debt securities (net of tax) $15,000.

Extraordinary gain $95,000 Cash Dividend Declared 150,000Loss on discontinued operations 75,000 Retained Earnings January 1,2014 600,000Administrative expenses 240,000 Cost of Goods Sold 850,000Rent revenue 40,000 Selling expenses 300,000Extraordinary Loss 60,000 Sales Revenue 1,900,000Shares Outstanding during 2014 were 100,000.Prepare single -step income statement.