please use the attached spreadsheet to prepare your souliton

Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue $ 18,000 Interest revenue 100 Interest expense 300 10,300 Cost of goods sold Selling and administrative expense Restructuring costs 2.500 800 Page 221 In additionduring the year, the company completed the disposal of its plastics business and incurred a loss from operations of $1.6 million and a gain on disposal of the component's assets of $2 million. There were 500.000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss). Required: Prepare a multiple-step income statement for 2021. including EPS disclosures. Use a multiple step format similar to 5 Illustration - 4 of this chapter to prepare income from continuing operations, and then add to this the discontinued operations portion of the income statement Student Name: Instructor Class: McGraw-Hillrwin Problem 04-01 REED COMPANY Comparative Income Statements for the Years Ended December 31 $ $ 2021 4,000,000 2,570,000 1,430,000 2020 3,000,000 1,680,000 1,320,000 635,000 282,000 750,000 340,000 50,000 35,000 1,175,000 255,000 917.000 403,000 Sales revenue Cost of goods sold Gross profit Operating expenses: Administrative expense Selling expense Loss on building (fire damage) Loss on inventory write-down Total operating expenses Operating income Other income (expense): Interest revenue Interest expense Total other income (net) Income from continuing operations before income taxes Income tax expense Income from continuing operations Discontinued operations: Income (loss) from operations of discontinued component (including loss on disposal of $48,000 in 2021) Income tax benefit (expense) Income (loss) on discontinued operations Net income 150,000 (200,000) (50,000) 140,000 (200,000) (60,000) 205,000 51.250 153,750 343,000 85.750 2 57.250 (8,000) 2.000 (6.000) 147.750 Correct 120.000 (30,000) . 90.000 347.250 Correct $ Earnings per share: Income from continuing operations before Discontinued operations Net income 300,000 shares 0.51 $ (0.02) 0.49 $ Correct 0.86 0.30 1.16 Correct! Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue $ 18,000 Interest revenue 100 Interest expense 300 10,300 Cost of goods sold Selling and administrative expense Restructuring costs 2.500 800 Page 221 In additionduring the year, the company completed the disposal of its plastics business and incurred a loss from operations of $1.6 million and a gain on disposal of the component's assets of $2 million. There were 500.000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss). Required: Prepare a multiple-step income statement for 2021. including EPS disclosures. Use a multiple step format similar to 5 Illustration - 4 of this chapter to prepare income from continuing operations, and then add to this the discontinued operations portion of the income statement Student Name: Instructor Class: McGraw-Hillrwin Problem 04-01 REED COMPANY Comparative Income Statements for the Years Ended December 31 $ $ 2021 4,000,000 2,570,000 1,430,000 2020 3,000,000 1,680,000 1,320,000 635,000 282,000 750,000 340,000 50,000 35,000 1,175,000 255,000 917.000 403,000 Sales revenue Cost of goods sold Gross profit Operating expenses: Administrative expense Selling expense Loss on building (fire damage) Loss on inventory write-down Total operating expenses Operating income Other income (expense): Interest revenue Interest expense Total other income (net) Income from continuing operations before income taxes Income tax expense Income from continuing operations Discontinued operations: Income (loss) from operations of discontinued component (including loss on disposal of $48,000 in 2021) Income tax benefit (expense) Income (loss) on discontinued operations Net income 150,000 (200,000) (50,000) 140,000 (200,000) (60,000) 205,000 51.250 153,750 343,000 85.750 2 57.250 (8,000) 2.000 (6.000) 147.750 Correct 120.000 (30,000) . 90.000 347.250 Correct $ Earnings per share: Income from continuing operations before Discontinued operations Net income 300,000 shares 0.51 $ (0.02) 0.49 $ Correct 0.86 0.30 1.16 Correct