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, 2019: Sales Purchases returns Gain on sale of equipment (pretax) Freight-in Selling expenses Unrealized increase in fair value of available-for-sale securities Required: $142,000 5,200 3,800 3,400 15,600 2,400 heck My Work Interest revenue Purchases discounts taken Inventory, January 1, 2019 Purchases The following additional information is also available. 1. The December 31, 2019, ending inventory is $14,700. 2. During 2019, 4,200 shares of common stock were outstanding the entire year. 3. The income tax rate is 30% on all items of income. Administrative expenses Loss from truck accident (pretax) 1. Prepare a separate schedule for Gaskin's cost of goods sold. GASKIN COMPANY Schedule 1: Cost of Goods Sold For Year Ended December 31, 2019 $3,300 2,700 12,500 90,000 24,200 6,500

2. Prenare a 2019 sinale-step income statement. Disregard EPS disclosure. 4. Prepare a 2019 statement of comprehensive income. 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, 2019: The following additional information is also available. 1. The December 31,2019 , ending inventory is $14,700. 2. During 2019,4,200 shares of common stock were outstanding the entire year. 3. The income tax rate is 30% on all items of income. Required: 1. Prepare a separate schedule for Gaskin's cost of goods sold