Consider too the additional information below for the year 2023. Unless indicated otherwise (see items 2 and 5), this information is not reflected in the partial trial balance above. All of the income amounts are stated on a before-tax basis.

1. Rosenbluth restructured its ongoing operations during 2023, resulting in restructuring charges of $53,820. 2. One of the revenue contracts Rosenbluth entered into during 2023 requires closer inspection. In November 2023, Rosenbluth agreed to deliver and install a sizable order o cabinets to a customer over the next few months. The customer paid the full contract price of $79,260 in advance on the November 20, 2023 contract date. Rosenbluth recorded the collection in advance as sales revenue . The company has determined the following performance obligations and standalone values for this contract: Performance obligation #1 standalone value: $67,886. Performance obligation #2 standalone value: $29,094. Rosenbluth completed delivery of Performance Obligation #1 during December 2023, and it expects to complete delivery of Performance Obligation #2 in January 2024. Consider any adjustment needed to the existing Sales Revenue balance in the presentation of this account in the company's 2023 financial statements.

3. In preparing its 2023 financial statements, Rosenbluth has determined that it must write down its inventory by a total of $31,748. 4. In February 2023, Rosenbluth shifted its business strategy , resulting in the August 2023 sale of a component of the company considered a separate major line of business. The sale produced a gain on disposal of $199,620. The operations of the component, prior to the sale in December, produced an income of $21,460. 5. The year-end Common Stock and Additional Paid-in Capital balances in the partial trial balance above include the effects of a stock issuance by Rosenbluth during 2023. Rosenbluth's issuance of common shares in June 2023 added $28,000 to the Common Stock account and $109,000 to the Additional Paid-in Capital account. 6. In 2019, Rosenbluth purchased bonds issued by MAT Co., which it continues to hold as an available-for-sale investment. The fair value of Rosenbluth's investment decreased in 2023, from $ 517,150 to $ 433,910 . Note - The $113,940 Net unrealized gain on MAT bonds (1/1 / 23) in the partial trial balance above relates to this item and, of course , is stated net of income taxes. 7. In May 2023, Rosenbluth sold land it was holding as an investment. Rosenbluth received $ 161,290 from the sale of the land. At the time of the sale , the land had a book value of $76,550. 8. In preparing its 2023 financial statements, Rosenbluth has determined that it must write off $89,760 of its recorded goodwill. Assume the above amounts are material . Also, assume the income tax rate applicable to all income items is 25%. Finally , note that Rosenbluth uses the multiple-step format for the reporting of net income items and the one-income statement approach for the display of other comprehensive income items.

Prepare an income statement and changes in stockholders equity statement

Rosenbluth Co. is a cabinet retailer operating in several locations in the eastern U.S. A partial trial balance showing Rosenbluth's equity, revenue and expense balances as of its December 31, 2023 year-end follows: Rosenbluth Co. is a cabinet retailer operating in several locations in the eastern U.S. A partial trial balance showing Rosenbluth's equity, revenue and expense balances as of its December 31, 2023 year-end follows