Presented below is financial information of the Martin Corporation for 2025: Net sales $45,000,000 Cost of goods sold 31,000,000 Loss on disposal of wholesale division 670,000 Interest revenue 105,000 Loss on operations of wholesale division 690,000 Selling and administrative expenses 8,200,000 Dividends declared on common stock 340,000 Write off of goodwill 780,000 Dividends declared on preferred stock 120,000 Gain on the sale of investments 160,000 The effective tax rate on all items is 20%. Martin Corporation decided to discontinue its wholesale operations and retain its manufacturing operations. On July 1, Martin sold the wholesale operations. In 2025, there were 800,000 shares of common stock outstanding all year. Instructions Prepare the Income Statement
Presented below is financial information of the Martin Corporation for 2025:
Net sales $45,000,000
Cost of goods sold 31,000,000
Loss on disposal of wholesale division 670,000
Interest revenue 105,000
Loss on operations of wholesale division 690,000
Selling and administrative expenses 8,200,000
Dividends declared on common stock 340,000
Write off of
Dividends declared on
Gain on the sale of investments 160,000
The effective tax rate on all items is 20%.
Martin Corporation decided to discontinue its wholesale operations and retain its manufacturing operations. On July 1, Martin sold the wholesale operations. In 2025, there were 800,000 shares of common stock outstanding all year.
Instructions
Prepare the Income Statement
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