Question
Prepare an multiple-step income statement for 2020. Assume the350,000shares of common stock were outstanding during 2020. (Round earnings per share to 2 decimal places, e.g.
Prepare an multiple-step income statement for 2020. Assume the350,000shares of common stock were outstanding during 2020.(Round earnings per share to 2 decimal places, e.g. 5.25.)
Presented below is information related toIvanhoeCorp., for the year 2020.
Net sales$4,290,000
Cost of goods sold2,640,000
Selling expenses209,000
Administrative expenses154,000
Dividend revenue66,000
Interest revenue44,000
Interest expense99,000
Write-off of goodwill due to impairment 165,000
Depreciation expense omitted in 2018 231,000
Dividends declared 264,000
Effect on prior years of change in accounting principle (credit)484,000
Loss from operations of discontinued component of business528,000
Gain from disposal of component of business 660,000
Federal tax rate of30% on all items
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