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Balance 51,000 Below are selected accounts and balances from the adjusted trial balance for EastCo for the year ended January 31, 2015: Account Administrative expenses..
Balance 51,000 Below are selected accounts and balances from the adjusted trial balance for EastCo for the year ended January 31, 2015: Account Administrative expenses.. Additional information: Cost of goods sold.. 1,404,000 1. All accounts have normal balances. Dividends declared (common shares).. Dividends declared (preferred shares). Gain on sale of HFT bonds. Gain on sale of discontinued "WE" division. 40,000 140,000 220,000 74,860 2. EastCo decided to discontinue the "WE" division operations. A formal plan to dispose of "WE" division has been completed. There are no plans to dispose of "DO" division at this time. 3. During 2015, there were 500,000 common shares outstanding with no shares activity for 2015. 4. EastCo's tax rate is 22%. 5. EastCo is publicly traded and follows IFRS. Interest income. 10,000 Loss from discontinued operations, "WE" division. 280,000 Loss from warehouse fire 170,000 Loss on disposal of equipment from "DO" division 86,000 Loss on impairment of patent 12,000 Retained earnings, February 1, 2014. 500,000 Sales 2,600,000 Selling expenses.. Unrealized gain on AFS investments (OCI).. 190,000 15,000 a) Prepare a multiple-step statement of income for the year ended January 31, 2015, reporting expenses by function. Please make sure your final answer(s) are accurate to 2 decimal places. EastCo Statement of Income For the Year Ended January 31, 2015 c) Prepare a combined multiple-step statement of income and statement of comprehensive income reporting expenses by function. Please make sure your final answer(s) are accurate to 2 decimal places. EastCo Statement of Income and Comprehensive Income For the Year Ended January 31, 2015 XXXXXXXXXXXXXXX + | 1 + X X X X X X X X X X X X X X X b) Prepare a statement of comprehensive income for the year ended January 31, 2015. Please make sure your d) Prepare a single-step statement of income reporting expenses by function. Please make sure your final answer(s) final answer(s) are accurate to 2 decimal places. EastCo Statement of Comprehensive Income For the Year Ended January 31, 2015 are accurate to 2 decimal places. EastCo Statement of Income For the Year Ended January 31, 2015 X X X X X XXXXX e) Compute the required income tax disclosures. Enter your answers as positive numbers. Please make sure your final answer(s) are accurate to the nearest whole number. Income tax expense, discontinued operations.. Income tax recovery, discontinued operations.... Income tax expense, other comprehensive income f) Compute the earnings per share amounts. Please make sure your final answer(s) are accurate to 2 decimal places. Earnings per share: Income from continuing operations Discontinued operations... Net income
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