Viel Company
- Multiple-step income statement with NCI
Presented below is information related to Viel Company at December 31, 2020.
|
Sales revenue |
$ 310,000 |
|
Cost of goods sold |
140,000 |
|
General and administrative expenses |
50,000 |
|
Gain on life insurance proceeds |
30,000 |
|
Loss on sale of securities |
10,000 |
|
Loss on impairment of property, plant, and equipment |
6,000 |
|
Income tax expense |
12,000 |
|
Income allocation to non-controlling interest |
25,000 |
|
Common dividends declared |
14,000 |
|
Preferred dividends declared and paid |
5,000 |
|
Unrealized loss on available-for-sale debt investments (33.33% effective tax rate) |
15,000 |
|
|
44,000 |
|
Common stock, January 1 |
100,000 |
|
Paid-in capital in excess of par value, January 1 |
50,000 |
|
Accumulated other comprehensive income, January 1 |
$ 13,000 |
|
Common stock outstanding (shares) |
100,000 |
Instructions: Prepare a consolidated multiple-step income statement. Round earnings per share to 2 decimal places.
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