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I have attached a file with the question as it is a large one. Can you help me with it? The following pretax amounts pertain
I have attached a file with the question as it is a large one. Can you help me with it?
The following pretax amounts pertain to the Spartan Corp. for the year ended December 31, 2014. Sales ................................................. Operating expenses .................................... Extraordinary gain .................................... Interest expense ...................................... Cost of goods sold .................................... Gain on sale of equipment ............................. Prior period adjustment ............................... Gain on disposal of business component.................. Retained earnings, January 1, 2014 .................... Dividends declared .................................... $ 400,000 84,000 30,000 4,000 280,000 10,000 (16,000) 30,000 1,600,000 12,000 The effective corporate tax rate is 30 percent. The company had 10,000 shares of common stock outstanding for the entire year. (1) (2) Prepare a multiple-step income statement in good form for the year ended December 31, 2014. Prepare a retained earnings statement in good form for the year ended December 31, 2014Step by Step Solution
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