The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Account Title Debits CreditsSales revenue $2,300,000Cost of goods sold $1,400,000Selling and administrative expense 420,000Interest expense 40,000Gain on debt securities 80,000 The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes. Lindor’s income tax rate is 25%. There were 1,000,000 shares of common stock outstanding throughout 2021.Required:Prepare a single, continuous multiple-step statement of comprehensive income for 2021, including appropriate EPS disclosures.
The
Account Title Debits Credits
Sales revenue $2,300,000
Cost of goods sold $1,400,000
Selling and administrative expense 420,000
Interest expense 40,000
Gain on debt securities 80,000
The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes. Lindor’s income tax rate is 25%. There were 1,000,000 shares of common stock outstanding throughout 2021.
Required:
Prepare a single, continuous multiple-step statement of comprehensive income for 2021, including appropriate EPS disclosures.
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