Emily Hawk, accountant for Sugar Foods Inc., was injured in a skiing accident. While she was recuperating, another inexperienced employee prepared the following income statement for the fiscal year ended June 30, 2016.

Requirement 1. Prepare a corrected income statement for Sugar Foods, Inc. for the fiscal year ended June 30, 2016. Use the single step format, which list all revenues together and all expenses together. Also prepare the earnings per-share section of the statement.

Requirement 2. Prepare a statement of Comprehensive Income for Sugar Foods, Inc. for the fiscal year ended June 30, 2016. Start with net income as competed in requirement 1.

Sugar Foods, Inc. Income Statement June 30, 2016 Revenue and gains: $901,000 16,000 917,000 Sales Paid-in capital in excess of par-common Total revenues and gains Expenses and losses: Cost of goods sold Selling expenses General expenses Unrealized loss on available-for-sale investments Dividends paid Income tax expense $386,000 97,000 94,000 16,000 17,000 129,600 739,600 Total expenses and losses 177,400 ncome from operations Print Done