Accounting, Analysis, and Principles a1-a3 (Part Level Submission)

Metlock Inc. provided the following information for the year 2020.

Retained earnings, January 1, 2020$588,000

Administrative expenses 235,200

Selling expenses 294,000

Sales revenue 1,862,000

Cash dividends declared 78,400

Cost of goods sold 833,000

Loss on discontinued operations 107,800

Rent revenue100,646

Unrealized holding gain on available-for-sale debt securities 16,660

Income tax applicable to continuing operations 183,260

Income tax benefit applicable to loss on discontinued operations 59,290

Income tax applicable to unrealized holding gain on available-for-sale debt securities 1,960

(a1)

In a single-step income statement for 2020. Shares outstanding during 2020 were 100,000.(Round earnings per share to 2 decimal places, e.g. $1.48.)