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Plano Co. 12/31/2018 Partial Trial Balance Data Debits Credits Sales revenue 700,000 Interest revenue 60,000 Gain on sale of investments 110,000 Cost of goods sold

Plano Co. 12/31/2018
Partial Trial Balance Data Debits Credits
Sales revenue 700,000
Interest revenue 60,000
Gain on sale of investments 110,000
Cost of goods sold 500,000
Selling expenses 150,000
Interest expense 30,000
General and administrative expenses 60,000

Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 30%. Required: Prepare a multiple-step income statement with earnings per share disclosure.

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