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Presented below is an income statement for Kinder Company for the year ended December 31, 2014. Kinder Company Income Statement For the Year Ended December
Presented below is an income statement for Kinder Company for the year ended December 31, 2014.
Kinder Company Income Statement For the Year Ended December 31, 2014 | |||
Net sales | $804,290 | ||
Costs and expenses: | |||
Cost of goods sold | 553,300 | ||
Selling, general, and administrative expenses | 67,640 | ||
Other, net | 28,800 | ||
Total costs and expenses | 649,740 | ||
Income before income taxes | 154,550 | ||
Income taxes | 46,365 | ||
Net income | $108,185 |
Additional information:
1. | "Selling, general, and administrative expenses" included a usual but infrequent charge of $7,380 due to a loss on the sale of investments. | ||
2. | "Other, net" consisted of interest expense, $11,690, and an extraordinary loss of $17,110 before taxes due to earthquake damage. If the extraordinary loss had not occurred, income taxes for 2014 would have been $51,498 instead of $46,365. | ||
3. | Kinder had 20,000 shares of common stock outstanding during 2014. |
Using the single-step format, prepare a corrected income statement, including the appropriate per share disclosures. (Round earnings per share to 2 decimal places, e.g. $1.48.)
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