Exercise 4-17 (Part Level Submission)

The following information was taken from the records of Bramble Inc. for the year 2020: Income tax applicable to income from continuing operations $198,220; income tax applicable to loss on discontinued operations $27,030, and unrealized holding gain on available-for-sale securities (net of tax) $15,900.

Gain on sale of equipment		$100,700		Cash dividends declared		$159,000
Loss on discontinued operations		79,500		Retained earnings January 1, 2020		2,040,000
Administrative expenses		254,400		Cost of goods sold		901,000
Rent revenue		42,400		Selling expenses		318,000
Loss on write-down of inventory		63,600		Sales Revenue		2,014,000

Shares outstanding during 2020 were 100,000.

(a) Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.)

(b) Prepare a comprehensive income statement for 2020, using the two statement format.

(c) Prepare a retained earnings statement for 2020.