Gain on sale of equipment $ 95,000 Cash dividends declared $ 150,000 Loss on discontinued operations 75,000 Retained earnings January 1, 2020 600,000 Administrative expenses 240,000 Cost of goods sold 850,000 Rent revenue 40,000 Sell
E4.17 (LO 2, 3, 5) The following information was taken from the records of Roland Carlson Inc. for the year 2020:
Income tax applicable to income from continuing operations $187,000, Income tax applicable to loss on discontinued operations $25,500
Gain on sale of equipment $ 95,000 Cash dividends declared $ 150,000
Loss on discontinued operations 75,000
Administrative expenses 240,000 Cost of goods sold 850,000
Rent revenue 40,000 Selling expenses 300,000
Loss on write-down of inventory 60,000 Sales revenue 1,900,000
Shares outstanding during 2020 were 100,000.
Prepare a multiple step income statement (including earnings per share) and a statement of retained earnings.
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