Sandhill Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2020 an analysis of the accounts and discussions with company officials revealed the following information:

Sales revenue $1,238,000
Discontinued operations loss (net of tax) 63,000
Selling expenses 126,600
Cash 59,400
Accounts receivable 90,800
Common stock 200,000
Cost of goods sold 702,300
Accumulated depreciation-machinery 180,800
Dividend revenue 8,300
Unearned service revenue 4,700
Interest payable 1,600
Land 370,000
Patents 112,000
Retained earnings, January 1, 2020 253,870
Interest expense 18,900
Administrative expenses 165,400
Dividends declared 26,400
Allowance for doubtful accounts 5,400
Notes payable (maturity 7/1/23) 205,000
Machinery 452,000
Materials 38,200
Accounts payable 57,400

The amount of income taxes applicable to income was $69,930, excluding the tax effect of the discontinued operations loss which amounted to $27,000.

Prepare a multiple-step income statement.