The following information was taken from the records of Liz’s Theatrical Supplies for 2008. In addition to selling theatrical supplies, Liz owned and operated a theater until October 15, 2008, when Liz sold this component of the business. All listed amounts are pre-tax, but are subject to a 38% income tax rate.

Required:
Prepare a single-step income statement and statement of comprehensive income for 2008 using a single-statement format.

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Cost of goods sold $490,823 Extraordinary loss 50,000 Income from discontinued operations 70,000 Interest income 4,650 Loss from disposal of discontinued component 95,000 Loss on write-off of obsolete inventory 23,500 Net sales 791,650 Rent revenue 16,000 Selling and administrative expenses Unrealized holding loss on available-for-sale securities 158,330 15,000