Elements from the adjusted trial balance for Maggie Co , a retailer, for the fiscal year end (12 31) 2015 are Accounts Receivable $555,000 Accumulated Depr equipment 450,000 Accumulated Depr buildings 360,000 Allowance for doubtful accts 36,000 Common Stock 2,000,000 Depreciation Expense (equipment) 50,000 Depreciation Expense (buildings) 60,000 Dividends (common stock) 120,000 Dividends Payable 30,000 Insurance Expense 35,000 Interest Expense 40,000 Interest Payable 20,000 Notes Payable (1 1 25) 1,000,000 Prepaid Insurance 95,000 Purchases 975,000 Rent Receivable 15,000 Rent Revenue 90,000 Retained Earnings (1 1 15) 818,000 Salaries Expense 775,000 Salaries Payable 25,000 Sales Returns 13,000 Sales Revenue 2,975,000 Additional information, not contained in the above, is as follows Bad Debt expense of $12,000 for 2015 has not yet been recorded An internal audit discovered that amortization expense of intangible assets for 2013, 2014 and 2015 was not recorded by the amount of $41,000 per year (no closing entries for 2015 have been made) The company sold its only investment in held to maturity securities during the current year at a gain of $145,000 This gain is considered unusual in nature and infrequent in occurrence At the beginning of 2015, Maggie sold equipment for $50,000 The machine originally cost $76,000 and had accumulated depreciation of $32,000 The company totally discontinued its mining operations during the year The loss on operations of the discontinued subsidiary was $80,000 before taxes while there was a gain on disposal of mining assets of $120,000 before taxes Maggie uses a periodic inventory system and Inventory (1 1 15) is $175,000 and Inventory (12 31 15) is $225,000 Unrealized (holding) gain on available for sale securities, net of tax, for 2015 is $32,000 Required Prepare in good form an income statement statement of comprehensive income (multiple step) and a statement of retained earnings for the year ended 2015 Assume a 30 tax rate unless indicated otherwise Maggie has 500,000 shares of common stock outstanding on December 31, 2015

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Elements from the adjusted trial balance for Maggie Co., a retailer, for the fiscal year end (12/31) 2015 are: Accounts Receivable $555,000 Accumulated Depr.-equipment 450,000

Elements from the adjusted trial balance for Maggie Co., a retailer, for the fiscal year end (12/31) 2015 are:

Accounts Receivable $555,000

Accumulated Depr.-equipment 450,000

Accumulated Depr.-buildings 360,000

Allowance for doubtful accts. 36,000

Common Stock 2,000,000

Depreciation Expense (equipment) 50,000

Depreciation Expense (buildings) 60,000

Dividends (common stock) 120,000

Dividends Payable 30,000

Insurance Expense 35,000

Interest Expense 40,000

Interest Payable 20,000

Notes Payable (1/1/25) 1,000,000

Prepaid Insurance 95,000

Purchases 975,000

Rent Receivable 15,000

Rent Revenue 90,000

Retained Earnings (1/1/15) 818,000

Salaries Expense 775,000

Salaries Payable 25,000

Sales Returns 13,000

Sales Revenue 2,975,000

Additional information, not contained in the above, is as follows:

Bad Debt expense of $12,000 for 2015 has not yet been recorded.

An internal audit discovered that amortization expense of intangible assets for 2013, 2014 and 2015 was not recorded by the amount of $41,000 per year (no closing entries for 2015 have been made).

The company sold its only investment in held-to-maturity securities during the current year at a gain of $145,000. This gain is considered unusual in nature and infrequent in occurrence.

At the beginning of 2015, Maggie sold equipment for $50,000. The machine originally cost $76,000 and had accumulated depreciation of $32,000.

The company totally discontinued its mining operations during the year. The loss on operations of the discontinued subsidiary was $80,000 before taxes while there was a gain on disposal of mining assets of $120,000 before taxes.

Maggie uses a periodic inventory system and Inventory (1/1/15) is $175,000 and Inventory (12/31/15) is $225,000.

Unrealized (holding) gain on available-for-sale securities, net of tax, for 2015 is $32,000.

Required: Prepare in good form an income statement/statement of comprehensive income (multiple step) and a statement of retained earnings for the year ended 2015. Assume a 30% tax rate unless indicated otherwise. Maggie has 500,000 shares of common stock outstanding on December 31, 2015.