During 2020, GlenTel Inc

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During 2020, GlenTel Inc. sold its interest in a chain of wholesale outlets. This sale took the company out of the wholesaling business completely. The company still operates its retail outlets.

Following are eight profit-related items:

Debit

Credit

1.

Depreciation expense

$

157,500

2.

Gain on sale of wholesale operation (net of $135,000 income taxes)

$

405,000

3.

Loss from operating wholesale operation (net of $111,000 tax benefit)

333,000

4.

Salaries expense

324,000

5.

Sales

1,620,000

6.

Gain on expropriation of company property

264,000

7.

Cost of goods sold

828,000

8.

Income taxes expense

190,200

Present a multiple-step income statement for 2020.