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The ledger of Sunland Corporation at November 30, 2024, contains the following summary data: Cash dividends- $69,000 Operating expenses $1,118,000 common Cash 25,000 dividends- Other comprehensive income-loss on equity investments [before income tax) preferred 88,000 Common 324,000 Rent revenue 56,000 shares Cost of goods sold 7,360,000 Preferred shares ($5 noncumulative) 398,000 Depreciation 358,000 Retained earnings, December 1, 2023 749,000 expense Sales 9,028,000 Your analysis reveals the following additional information: 1. The company has a 25% income tax rate. 2. 3. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $18,600 before income tax. The division was sold at a loss of $79,000 before income tax. There were 200,000 common and 5,000 preferred shares issued on December 1, 2023, with no changes during the year. Prepare a multiple-step income statement for the year. (Round earnings per share to 2 decimal places, eg. 15.25.)

The ledger of Sunland Corporation at November 30, 2024, contains the following summary data: Cash dividends- $69,000 Operating expenses $1,118,000 common Cash 25,000 dividends- Other comprehensive income-loss on equity investments [before income tax) preferred 88,000 Common 324,000 Rent revenue 56,000 shares Cost of goods sold 7,360,000 Preferred shares ($5 noncumulative) 398,000 Depreciation 358,000 Retained earnings, December 1, 2023 749,000 expense Sales 9,028,000 Your analysis reveals the following additional information: 1. The company has a 25% income tax rate. 2. 3. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $18,600 before income tax. The division was sold at a loss of $79,000 before income tax. There were 200,000 common and 5,000 preferred shares issued on December 1, 2023, with no changes during the year. Prepare a multiple-step income statement for the year. (Round earnings per share to 2 decimal places, eg. 15.25.)

FINANCIAL ACCOUNTING
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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The ledger of Sunland Corporation at November 30, 2024, contains the following summary data: Cash dividends- $69,000 Operating expenses common Cash dividends- $1,118,000 25,000 Other comprehensive income-loss on equity investments [before income tax) 88,000 preferred Common 324,000 Rent revenue shares Cost of goods sold 7,360,000 Preferred shares ($5 noncumulative) Depreciation 358,000 Retained earnings, December 1, 2023 expense Sales 9,028,000 Your analysis reveals the following additional information: 1. The company has a 25% income tax rate 2. 56,000 398,000 749,000 3. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $18,600 before income tax. The division was sold at a loss of $79,000 before income tax. There were 200,000 common and 5,000 preferred shares issued on December 1, 2023, with no changes during the year. Prepare a multiple-step income statement for the year. (Round earnings per share to 2 decimal places, eg. 15.25.} > SUNLAND CORPORATION Income Statement $ $
Transcribed Image Text:The ledger of Sunland Corporation at November 30, 2024, contains the following summary data: Cash dividends- $69,000 Operating expenses common Cash dividends- $1,118,000 25,000 Other comprehensive income-loss on equity investments [before income tax) 88,000 preferred Common 324,000 Rent revenue shares Cost of goods sold 7,360,000 Preferred shares ($5 noncumulative) Depreciation 358,000 Retained earnings, December 1, 2023 expense Sales 9,028,000 Your analysis reveals the following additional information: 1. The company has a 25% income tax rate 2. 56,000 398,000 749,000 3. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $18,600 before income tax. The division was sold at a loss of $79,000 before income tax. There were 200,000 common and 5,000 preferred shares issued on December 1, 2023, with no changes during the year. Prepare a multiple-step income statement for the year. (Round earnings per share to 2 decimal places, eg. 15.25.} > SUNLAND CORPORATION Income Statement $ $
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