100,000 70,000 2,000 1,500,000 3,000 15,000 152,000 2,400 3,000 2,500 2,324,000 20,000 15,000 12,000 100,000 21,000 35,000 0 Restructuring liability (current) Accumulated depreciation-building & equipment Premium on bonds payable Bonds payable Interest revenue Unrealized holding gains on trading Accounts Payable Unearned Sales revenue Allowance for doubtful accounts Tax Payable Sales revenue Gain on discontinued operations, after tax Dividend payable Unrealized gain on cash flow hedge Common stock, par value $1, beginning balance b Retained earnings - beginning balance Accumulated Other comprehensive income, beginning balanced Treasury, beginning balance e Preferred stock Paid in capital in excess of par, beginning balance Finished goods inventory Goodwill Copyrights Sales returns and allowances Dividend declared Land Unrealized holding losses on available-for-sale securities Interest expense Accounts receivable Building and Equipment Debt Investments (trading) Cost of goods sold Prepaid Other Operating Expense Selling & General Admin expenses Available-for-sale securities (Non-current) Impairment of goodwill Work in Process Supplies Restructuring charges 200,000 900,000 200,000 457,234 30,000 153,000 50,000 100,000 21,000 14,000 200,000 340,000 515,000 624,700 20,000 200,800 155,000 25,000 10,000 15,000 100,000 Patent, Net 25,000 Held-to-Maturity Securities 500,000 Land held for speculation 150,000 Sales discount 1,000 Cash a ? The balances above were taken from the books of Parnevik Corp. on December 31, 2021, otherwise noted. Beginning balance refers to balance on 1/1/2021. Note: 1. 25,000 of cash is restricted for the collateral for the debt service as of 12/31/2021. 2. 5% cumulative preferred stock, $50 par value, 4,000 shares issued and outstanding, preferred dividend is cumulative. No preferred stock was issued since 2016. 3. Preferred dividend has been paid until 2017. No preferred dividend has been paid in 2019. 4. 100,000 shares issued and zero treasury stock on 1/1/2021. 5. 50,000 shares of common stock are issued on 6/1/2021 for $750,000. 6. 4,000 shares are repurchased on 11/1/2019, the company paid $50,000 and it uses cost method for treasury method accounting. 7. Assume the total effective tax rate on all items is (otherwise noted) is 30%. Required: A. Prepare a multiple-step income statement for the year 2021. Keep in mind that presentation is very important. B. Make sure to show work clearly for the ending balance of the following account. a. Cash b. Common stock c. Retained earnings d. Accumulated other comprehensive income. e. Treasury C. Prepare classified balance sheet as of 12/31/2021. Keep in mind that presentation is very important D. Determine basic earnings per share for the year 2021. Show numerator and denominator for EPS clearly. E. Determine compre nsive income for the year 2021. Show work clearly
