Help with homework problem?
The following condensed trial balance of Gator Co., a publicly held company, has been adjusted except for income tax expense. Gator Co. CONDENSED TRIAL BALANCE 12731Near 5 Balances MEL Cash 55 413,000 Accounts receivable, net 670,000 Property, plant, and equipment 1,070,000 Accumulated depreciation (345,000) Availa ble-for-sale securities 70,000 Dividends payable (25,000) Income taxes payable 35,000 Notes payable (42,000) Bonds payable (500,000) Unamortized premium on bonds (71,000) Common stock (350,000) Additional paid-in capital (430,000) Retained earnings (185,000) Accumulated other comprehensive income (10,000) Sales (2,420,000) Cost of sales 1,863,000 Selling and administrative expenses 220,000 Interest income (14,000) Interest expense 46,000 Depreciation 88,000 Loss on sale of equipment 7,000 Gain unusual in nature _(@,m 5 0 12l31 Near 4 Balances Net Change _Dr-(Q)_ _(DF- QL $ 757,000 $844,000) 610,000 995,000 (280,000) 60,000 (10,000) (1 50,000) (42,000) (1,000,000) (1 50,000) (1 50,000) (375,000) (265,000) 60,000 75,000 (65,000) 10,000 (1 5,000) 185,000 500,000 79,000 (200,000) (55,000) 80,000 (1 0,000) 5 0 5 300% Additional Information 0 During Year 5, equipment with an original cost of $50,000 was sold for cash, and equipment costing $125,000 was purchased. 0 On January 1,Year 5, bonds with a par value of $500,000 and related premium of $75,000 were redeemed. The $1,000 face amount, 10% stated rate bonds had been issued nine years ago, to yield 8%. Interest is payable annually every December 31 for 20 years. 0 Tax payments during Year 5 were debited to income taxes payable. Gator's enacted tax rate for Year 5 and future yea rs is 30%. o On December 31, Year 4, 60,000 shares of common stock, $2.50 par, were outstanding. An additional 80,000 shares were issued on April 1, Year 5. 0 No changes occurred in retained earnings other than dividends declared. I No available-for-sale securities were purchased or sold in Year 5. Complete the combined statement of income and comprehensive income in a multiple-step format for the year ended December 31, Year 5, by entering the appropriate amounts in the associated cells. Enter all numbers as positive. Gator Co. STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, Year 5 Cost of sales Gross prot Selling and administrative expenses _L _L _L .-,_-. 9;. 9;. 9;. _; Depreciation _L r_\\.:: .-,_-. Operating income Other revenues and gains: Interest income Gain unusual in nature Other expenses and losses: Interest expense Loss on sale of equipment Income before income tax Income tax: Current Net income Other comprehensive income (net of tax): _L _L _L _L :. 9;. r,_'- 9;. .-,_-. Unrealized holding gain (net of income taxes of $3,000) Comprehensive income Basic earnings per share: _L _L _L _L _L E H E E H .9: 9;. g;- r',_-. 9;. _L _; E 3 rd: r',_'. Net income
