Cost of Goods Sold, Income Statement, and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2016: $139,000 Interest reveriue Sales Purchases returns Gain on sale of equipment (pretax) Freight-in Selling expenses Unrealized increase in fair value of available-for-sale securities The following additional information is also available. $3,300 2,700 12,100 89,700 24,200 6,500 5,200 3,800 3,400 15,600 Purchases discounts taken Inventory, January 1, 2016 Purchases Administrative expenses Loss from truck accident (pretax) 2,400 1. The December 31, 2016, ending inventory is $14,700 2. During 2016, 4,200 shares of common stock were outstanding the entire year 3. The income tax rate is 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Gaskin's cost of goods sold. GASKIN COMPANY Schedule 1: Cost of Goods Sold For Year Ended December 31, 2016 Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Gaskin's cost of goods sold. GASKIN COMPANY Schedule 1: Cost of Goods Sold For Year Ended December 31, 2016 2. Prepare a single-step income statement for the year ended December 31, 2016. Disregard EPS disclosure. GASKIN COMPANY Income Statement (Single-Step) For Year Ended December 31, 2016 Revenues Total revenues Expenses Total expenses WK 5 eBook Calculator 3. Prepare a multiple-step income statement for the year ended December 31, 2016. Disregard EPS disclosure. GASKIN COMPANY Income Statement (Multi-Step) For Year Ended December 31, 2016 Revenues Operating expenses Total operating expenses Other items 4. Prepare a statement of comprehensive income for the year ended December 31, 2016. GASKIN COMPANY Statement of Comprehensive Income For Year Ended December 31, 2016 Other comprehensive income