Chapter 5, Problem 5.7P

Multiple-step, Single-step, and Condensed Statements of Net Income. Statement of Comprehensive Income, Two-Statement Approach. Delaney Products, Inc. provided the following information from its current-year trial balance

Delaney Products, Inc.

Trial Balance (Partial)

For the Year Ended December 31

Account	Debit	Credit
Common Stock (no par)—Beginning Balance		$ 82,000
Retained Earnings—Beginning Balance		750,000
Accumulated Other Comprehensive Income—Beginning Balance		210,000
Dividends	$ 125
Sales		400,000
Dividend Income		866
Interest Income		4,000
Gain on Disposal of Plant Assets		890
Unrealized Gain on Trading Securities		200
Cost of Goods Sold	25,000
Selling Expenses	5,000
Advertising Expense	7,000
Office Salaries Expense	6,700
Sales Salaries Expense	2,100
Office Supplies Expense	2,000
Accounting and Legal Fees—Administrative	300
Systems Consulting Fees—Administrative	350
Amortization Expense—Administrative	5,500
Depreciation Expense—Administrative	8,250
Interest Expense	900
Unrealized Loss on Available-for-Sale Investments—Before Tax	933
Loss on Asset Impairment	467
Loss on Discontinued Operations—Before Tax	1,000

Delaney issued $55,000 of common stock on October 1 of the current year The company also repurchased $13,500 of its shares at the end of the reporting period The company is subject to a 40% income tax rate.

Required

1. a. Prepare an income statement for the current year using each reporting format (single-step, multiple stop, and condensed, multiple stop with supporting disclosures). Round to the nearest dollar.
2. b. Prepare a separate statement of comprehensive income for the current year.