Income Statement and Retained Earnings The Huff Company presents the following partial list of account balances taken from its December 31, 2019 adjusted trial balance:

Sales (net)	$123,000			Operating expenses	$20,600
Interest expense	4,300			Common stock, $5 par	5,500
Cost of goods sold	51,000			Retained earnings, 1/1/2019	41,700

The following information is also available for 2019 and is not reflected in the preceding accounts:

1. The common stock has been outstanding all year. A cash dividend of $1.3 per share was declared and paid.
2. Land was sold at a pretax gain of $5,500.
3. Division X (a major component of the company) was sold at a pretax gain of $4,620. It had incurred a $9,440 pretax operating loss during 2019.
4. A tornado, which is an unusual event in the area, caused a $5,320 pretax loss.
5. The income tax rate on all items of income is 30%.
6. The average shareholders' equity is $89,000.

Required:

1. Prepare a 2019 multiple-step income statement for Huff. Round earnings per share computations to two decimal places.

HUFF COMPANY
Income Statement (Multi-Step)
For Year Ended December 31, 2019
		$
		$
		$
Other items
	$
		$
		$
Results from discontinued operations
	$
		$
Components of Income		Earnings per Common Share
		$
		$

2. Prepare a 2019 retained earnings statement.

HUFF COMPANY
Statement of Retained Earnings
For Year Ended December 31, 2019
	$
	$
	$

3. Compute the 2019 return on common equity. Round to one decimal place.

%