The following information was taken from the records of Roland Carlson Inc. for the year 2025: income

Question:

The following information was taken from the records of Roland Carlson Inc. for the year 2025: income tax applicable to income from continuing operations $187,000, income tax applicable to loss on discontinued operations $25,500, and unrealized holding gain on available-for-sale debt securities (net of tax) $15,000.image


Shares outstanding during 2025 were 100,000.



Instructions


a. Prepare a single-step income statement (with respect to items in Income from operations).


b. Prepare a comprehensive income statement for 2025, using the two statement format.


c. Prepare a retained earnings statement for 2025.

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Related Book For  book-img-for-question

Intermediate Accounting

ISBN: 9781119790976

18th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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