Question
Presented below is information related to 2020 for Carla Vista Company. Retained earnings, December 31, 2019 $670,000 Sales revenue 1,492,000 Selling and administrative expenses 241,000
Presented below is information related to 2020 for Carla Vista Company. Retained earnings, December 31, 2019 $670,000 Sales revenue 1,492,000 Selling and administrative expenses 241,000 Discontinued operations loss (pre-tax) 300,000 Cash dividends declared on common stock 33,600 Cost of goods sold 873,000 Gain discovered in 2020, from error on depreciation charge in 2018 (pre-tax) 517,000 Other revenue 129,000 Other expenses 109,000 Prepare in good form a multiple-step income statement for the year 2020. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year. (Round per share values to 2 decimal places, e.g. $1.58.) Carla Vista Company INCOME STATEMENT $ $ : $ $
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