Exercise 2-5 Preparing a multiple-step income statement (LO2-5, LO2-6) Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1. Statement of Income and Retained Earnings for the Year Ended December 31, 20x1 Net sales Costs and expenses Cost of products sold ($ in 000) Marketing, administrative, and other expenses Interest expense Other, net Total expenses before taxes Earnings before income taxes. Provision for income taxes Net income Retained earnings at 1/1/201 Dividends on common stock Retained earnings at 12/31/20x1 $5,281,954 4,765,505 193,147 17,143 54,529 5,030,324 251,630 (52,842) 198,788 3,046,660 (100,000) $3,145,448 Additional facts gleaned from notes to Hardrock's financial statements follow (dollar amounts in thousands): a. Other, net for 20X1 included a corporate restructuring charge of $8,777 and a pre-tax profit of $12,000 on discontinued operations. The remainder of the category is composed of investment losses. b. Marketing, administrative, and other expenses for 201 included a loss on currency translation of $55. c. All of these transactions were subject to Hardrock's income tax rate of 21%. d. Hardrock disclosed earnings per share data only in the notes to the financial statements. The company had 10,000,000 shares of common stock outstanding throughout 20X1. For the Year ended December 31, 20X1 $ in thousands Net sales Cost of products sold Gross profit Marketing, administrative, and other expenses Investment losses Interest expense Restructuring charges Earnings before income taxes Provision for income taxes Accounts receivable Income from continuing operations Net income Earnings per common share