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Click Photographic Supplies, Inc.’s accounting records include the following for 2012

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Click Photographic Supplies, Inc.’s accounting records include the following for 2012:

Income tax saving—extraordinary loss $ 8,000
Sales revenue $ 480,000
Income tax saving—loss
Operating expenses
on discontinued operations 14,000
(including income taxes) 130,000
Extraordinary loss 20,000
Cost of goods sold 205,000
Loss on discontinued operations 35,000

Requirement
1. Prepare Click’s multi-step income statement for 2012. Omit earnings per share.

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