Income Statement Problem

The following items are from JAN Corporation on December 31, 2017. Assume a 30% flat corporate tax rate on all items including the insurance loss. Prepare an income statement for the year ended. Include earnings per share for earnings before the extraordinary items and net income.

Sales $ 770,000

Rental income 28,000

G&A expenses 210,000

Selling expenses 82,000

Gain on sale of fixed assets 115,000

Interest expense 3,000

Depreciation expense 10,000

Extraordinary item (insurance loss pretax) 30,000

Cost of products sold 340,000

Common Stock (30,000 shares outstanding) 150,000