ASK $1-1$

FINANCIAL STATEMEN'T PREPARATION

Porter Corporation's capital structure consists of $50,000$ shares of common stock. On December $31.2025,$ an analysis of the accounts and discussions with company officials revealed the following information:

Instructions

$($a$)$ Prepare a multiple$-$step income statement.

$($b$)$ Comprehensive income statement

$($c$)$ Prepare a retained earnings statement.

$($d$)$ Report form classified Balance Sheet

$($e$)$ Closing entries

$9$