1) Prepare a multi-step Income Statement in proper form concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 84,000. Show computations of Cost of Goods Manufactured and Sold.

2) Prepare a Statement of Retained Earnings in proper form.

3) Prepare a classified Balance Sheet in proper form.

Comprehensive Project Version A Spring 20 8S Points Post Company adjusted account balances as of December 31, 2019 are as follows some noted balances are January 1, 2019): 4,300,700 50,400 165,000 32.000 21.000 654,500 350,000 Accounts Payable Accounts Receivable Accumulated Depreciation - Office buildings and equipment Accumulated Depreciation - Factory buildings and equipment Advertising Expense Allowance for Doubtful accounts Available for sale investments (at cost) - short term Bonds Payable, 6%, due 2028 255,000 453,000 2.180,000 4,126,000 110,000 10,150 111,000 550.000 256,055 Office Buildings and Equipment Office rent expense Office salaries expense Office supplies expense Paid in capital from sale of treasury stock Pald-in capital in excess of par-common stock Paid-in capital in excess of par preferred stock Preferred SX stock, $100 par (30,000 shares authorized; 19,250 shares issued) Prepaid advertising Purchase of Materials Retained earnings, January 1, 2019 Salaries Payable Sales Sales personnel commissions Sales Salaries cxpense Supplies Used-Factory Trading Securities (at cost) Treasury Stock (3,900 shares of common stack at cost of $34 per share) Unearned Revenue Unrealized lass on available for sale investments Unrealized gain on trading securities Utilities Factory Valuation allowance for available for sale investments (debit) Valuation allowance for trading securities (credit) Work in Process Jan 1, 2019 Work in Process Dec 31, 2019 1,925.000 21,000 1,144,000 7,650,000 53,300 5,161,550 B2,000 225.00 50,000 150,000 Cash Common Stock, $25 par (400,000 shares authorized: 86,570 shares issued, 82,670 outstanding) Delivery Expense Depreciation Expense - Factory buildings and equipment Depreciation Expense-Office buildings and equipment Direct Labor Discount on bonds payable Dividends: Cash Dividends for Common Stock Cash Dividends for Preferred Stock Stock Dividends for Common Stock Dividend Revenue Factory Buildings and Equipment Factory Supervisors Salaries Finished Goods Jan 1, 2019 Finished Goods Dec 31, 2019 Gain on Sale of investment Goodwill Income from Lifecare Co. investment Income tax expense Income tax payable 2,164,250 24 DCO 400,000 125.000 1.410.000 19,000 132,600 23,000 17,750 5,000 450,000 18,000 3,500 192,000 220,000 $34.25 The market price for a share of Past Company common stock on Dec 31, 2019 is: Accounts Receivable (net), Jan 1, 2019 Total Assets, Jan 1, 2019 Total Stockholder's Equity, Jan 1, 2019 520,000 13,550,225 12,200,000 105,120 85,000 62,800 25,000 12,560,000 330,000 290.000 222,000 12,225 490,000 65,600 128,500 50,000 90,000 19,000 15,500 17,000 640,100 226,000 295,000 270,000 12,000 13,750 Indirect manufacturing Labor Interest expense Interest receivable Interest Revenue Investment in Lifecare Co. stock (equity method) Investment in Nordic Wear Inc. Bonds (long term) Materials Jan 1, 2019 Materials Dec 31, 2019 Miscellaneous administrative expense Miscellaneous selling expense Comprehensive Project Version A Spring 20 8S Points Post Company adjusted account balances as of December 31, 2019 are as follows some noted balances are January 1, 2019): 4,300,700 50,400 165,000 32.000 21.000 654,500 350,000 Accounts Payable Accounts Receivable Accumulated Depreciation - Office buildings and equipment Accumulated Depreciation - Factory buildings and equipment Advertising Expense Allowance for Doubtful accounts Available for sale investments (at cost) - short term Bonds Payable, 6%, due 2028 255,000 453,000 2.180,000 4,126,000 110,000 10,150 111,000 550.000 256,055 Office Buildings and Equipment Office rent expense Office salaries expense Office supplies expense Paid in capital from sale of treasury stock Pald-in capital in excess of par-common stock Paid-in capital in excess of par preferred stock Preferred SX stock, $100 par (30,000 shares authorized; 19,250 shares issued) Prepaid advertising Purchase of Materials Retained earnings, January 1, 2019 Salaries Payable Sales Sales personnel commissions Sales Salaries cxpense Supplies Used-Factory Trading Securities (at cost) Treasury Stock (3,900 shares of common stack at cost of $34 per share) Unearned Revenue Unrealized lass on available for sale investments Unrealized gain on trading securities Utilities Factory Valuation allowance for available for sale investments (debit) Valuation allowance for trading securities (credit) Work in Process Jan 1, 2019 Work in Process Dec 31, 2019 1,925.000 21,000 1,144,000 7,650,000 53,300 5,161,550 B2,000 225.00 50,000 150,000 Cash Common Stock, $25 par (400,000 shares authorized: 86,570 shares issued, 82,670 outstanding) Delivery Expense Depreciation Expense - Factory buildings and equipment Depreciation Expense-Office buildings and equipment Direct Labor Discount on bonds payable Dividends: Cash Dividends for Common Stock Cash Dividends for Preferred Stock Stock Dividends for Common Stock Dividend Revenue Factory Buildings and Equipment Factory Supervisors Salaries Finished Goods Jan 1, 2019 Finished Goods Dec 31, 2019 Gain on Sale of investment Goodwill Income from Lifecare Co. investment Income tax expense Income tax payable 2,164,250 24 DCO 400,000 125.000 1.410.000 19,000 132,600 23,000 17,750 5,000 450,000 18,000 3,500 192,000 220,000 $34.25 The market price for a share of Past Company common stock on Dec 31, 2019 is: Accounts Receivable (net), Jan 1, 2019 Total Assets, Jan 1, 2019 Total Stockholder's Equity, Jan 1, 2019 520,000 13,550,225 12,200,000 105,120 85,000 62,800 25,000 12,560,000 330,000 290.000 222,000 12,225 490,000 65,600 128,500 50,000 90,000 19,000 15,500 17,000 640,100 226,000 295,000 270,000 12,000 13,750 Indirect manufacturing Labor Interest expense Interest receivable Interest Revenue Investment in Lifecare Co. stock (equity method) Investment in Nordic Wear Inc. Bonds (long term) Materials Jan 1, 2019 Materials Dec 31, 2019 Miscellaneous administrative expense Miscellaneous selling expense