Financial Reporting I

E4-17 (Various reporting formats) The following information was taken from the records of Roland Carlson Inc for the year 2014. Income Tax applicable to income from continuing operations $187,000; income tax applicable to loss on discontinued operations $25,500; income tax applicable to extraordinary gain $32,300; income tax applicable to extraordinary loss $20,400; and unrealized holding gain on available-for-sale securities $15,000.

Extraordinary gain $95,000

Cash Dividend Declared 150,000

Loss on discontinued operations 75,000

Retained Earnings January 1,2014 600,000

Administrative expenses 240,000

Cost of Goods Sold 850,000

Rent revenue 40,000

Selling expenses 300,000

Extraordinary Loss 60,000

Sales Revenue 1,900,000

Shares Outstanding during 2014 were 100,000.

Instructions:

a. Prepare single -step income statement.

b. Prepare comprehensive income statement for 2014, using two statement format.

c. Prepare a retained earnings statement for 2014.