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Preparing a Single-Step and a Multiple-Step Income Statement Lewis Company's records show the following information at December 31, its annual year-end. Sales revenue $152,000
Preparing a Single-Step and a Multiple-Step Income Statement Lewis Company's records show the following information at December 31, its annual year-end. Sales revenue $152,000 Service revenue* 56,000 Gain on sale of short-term investments 17,600 Selling expense 28,800 General and administrative expense 19,200. Depreciation expense (administrative) 9,600 Interest expense 6,400 Earthquake loss on building 24,000 Loss on sale of warehouse* 4,800 Cost of goods sold 72,000 Common stock shares outstanding 10,000 Income tax rate 25% *Loss on sale of warehouse and the service revenue are nonoperating. Part A Part B a. Prepare a single-step income statement (including earnings per share). Note: Do not use negative signs with any of your answers. Note: Enter the answer for earnings per share in dollars and cents, rounded to the nearest penny.
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