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Kingbird Limited is a private corporation reporting under ASPE At December 31, 2021, its general ledger contained the following summary data: Cost of goods sold
Kingbird Limited is a private corporation reporting under ASPE At December 31, 2021, its general ledger contained the following summary data: Cost of goods sold $1.231,000 Interest expense 38,000 Interest revenue 15,800 201,000 Operating expenses Retained earnings January 1 558,700 Sales 1,642,000 Additional information: 1. In 2021, common share dividends of $24.800 were declared on June 30 and December 31. The dividends were paid on July 8,2021, and January 8, 2022, respectively. 2 The company's income tax rate is 20% Record the dividend transactions in 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Credit Debit Account Titles and Explanation (To record declaration of dividend.) (To record payment of dividend.) Debit Credit Date Account Titles and Explanation (To record declaration of dividend.) (To record payment of dividend.) (To record declaration of dividend.) Determine income tax expense. Income tax expense $ Prepare a multiple-step income statement for 2021. Prepare a multiple-step income statement for 2021. KINGBIRD LIMITED Income Statement I Prepare a statement of retained earnings for 2021. (List items that increase retained earnings first.) KINGBIRD LIMITED Statement of Retained Earnings $ $ $
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