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Presented below is information related to Blossom Corp., for the year 2020. Net sales $1,560,000 Cost of goods sold 960,000 Selling expenses 76,000 Administrative expenses 56,000 Dividend revenue 24,000 Interest revenue 16,000 Interest expense 36,000 60,000 Write-off of goodwill due to impairment Depreciation expense omitted in 2018 84,000 Dividends declared 96,000 Effect on prior years of change in accounting principle (credit) 176,000 Loss from operations of discontinued component of business 192,000 Gain from disposal of component of business 240,000 Federal tax rate of 30% on all items Blossom Corp. INCOME STATEMENT For the Year Ended December 31, 2020 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Administrative Expenses Income from Operations Other Revenues and Gains Dividend Revenue Interest Revenue Other Expenses and Losses Loss Due to Write-off of Goodwill Interest Expense Income Before Income Tax Other Expenses and Losses Loss Due to Write-off of Goodwill Interest Expense Income Before Income Tax Income Tax Expense Income from Continuing Operations Discontinued Operations Loss from Operations of Discontinued Component of Business - net of tax Net Income /(Loss) Per share of common stock: Save for later Attempts: 0 of 1 used Submit

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