8. The following information is related to Diego Company for the year 2025. Cost of goods sold $260,000 Operating expenses Other revenues and gains Unrealized gain on available-for-sale securities Gain on disposal of plastics division related to discontinued operations 5,600 15,000 Net sales Other expenses and losses Loss on plastics division operations related to discontinued operations 130,000 440,000 9,600 $ 60,000 50,000 Prepare a multiple-step income statement and a comprehensive income statement for Diego Company (the two statement approach). The income tax rate is 30%, and the weighted-average number of common shares outstanding is 10,000.

8. The following information is related to Diego Company for the year 2025. Cost of goods sold $260,000 Operating expenses Other revenues and gains Unrealized gain on available-for-sale securities Gain on disposal of plastics division related to discontinued operations 5,600 15,000 Net sales Other expenses and losses Loss on plastics division operations related to discontinued operations 130,000 440,000 9,600 $ 60,000 50,000 Prepare a multiple-step income statement and a comprehensive income statement for Diego Company (the two statement approach). The income tax rate is 30%, and the weighted-average number of common shares outstanding is 10,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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