Prepare a condensed Income Statement.
Mubin Corporation own a number of cruise ships and chain of hotels. The hotels, which have not been profitable, were discontinued on September 1, 2014. The 2014 cooperating results for the company were as follows
Operating Revenues Rs. 12,900,000
Operating Expenses (8,700,000)
Operating Income Rs. =4,200,000
Analysis discloses that these data include the operating results of the hotel chain, which were operating revenues Rs. 2,000,000 and operating expenses 2,500,000. The hotels were sold at a gain of Rs. 300,000 before taxes. This gain is not included in the operating results. During the year, Mubin Corporation suffered an extraordinary loss of Rs. 700,000 before taxes, which is not included in the operating results. In 2014, the company had other expenses and losses of Rs 200,000, which are not included in the operating results. The corporation is in the 30% income tax bracket.
Required:Prepare a condensed Income Statement.
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