Problem 13-6A Presenting items in an income statement LO4 The following table shows the balances from various accounts in the adjusted trial balance for Unilink Telecom Corp. as of December 31, 2020 Debit Credit 29,5ee $ b. $ 87,880 60,100 C. d. 101,500 235, 400 e. f. B h. i. 183,400 102,200 152, 250 399,400 Interest income Depreciation expense, equipment Loss on sale of office equipment Accounts payable Other operating expenses Accumulated depreciation, equipment Gain from settling a lawsuit Cumulative effect of change in accounting principle (pre-tax) Accumulated depreciation, buildings Loss from operating a discontinued operation (pre-tax) Gain on expropriation of land and building by government Sales Depreciation expense, buildings Correction of overstatement of prior year's sales (pre-tax) Gain on sale of discontinued operation's assets (pre-tax) Loss from settling a lawsuit Income taxes expense Cost of goods sold 47,500 k. 69,100 2,364,200 1. m. 130,300 36,700 79,900 0. p. 9. 58,300 ? 1,184,000 r. Required: 1. Assuming that the company's income tax rate is 30%, what are the tax effects and after-tax measures of the items labelled as pre- tax? (Negative answers should be indicated by a minus sign.) 9. Income taxes expense Cost of goods sold r. ? 1,184,000 Required: 1. Assuming that the company's income tax rate is 30%, what are the tax effects and after-tax measures of the items labelled as pre- tax? (Negative answers should be indicated by a minus sign.) % Answer is not complete. Pre-tax 30% Tax Effect After Tax Measure $ 152,250 $ 45,675 X $ 106,575 Cumulative effect of change in accounting principle Loss from operating a discontinued operation Correction of overstatement of prior year's sales Gain on sale of discontinued operation's assets 14,250 33,250 X 36,700 X 11,010 25,690 X 79.900 23,970 X 55,930 2. Prepare a multi-step income statement for the year ended December 31, 2020. (Amounts to be deducted should be indicated by a minus sign in the other revenues and expenses section and the discontinued operations section.) X Answer is not complete. UNILINK TELECOM CORP. Income Statement UNILINK TELECOM CORP. Income Statement For Year Ended December 31, 2020 Sales Cost of goods sold 2,364,200 1,184,000 Gross profit on sales 1,180,200 87,800 Operating expenses: Depreciation expense, equipment Depreciation expense, buildings Other operating expenses Operating loss Other revenues and expenses: 130,300 235,400 (453,500) $ 726,700 Interest income 29,500 Gain from settling a lawsuit Gain on expropriation of land and building Loss on sale of office equipment 102,200 O 69,100 (60,100) (58,300) X Loss from settling a lawsuit Loss from continuing operations before tax 82,400 809.100 (242,730) $ 566,370 Discontinued operations: Loss from operating a discontinued operations (after-tax) Gain on sale of discontinued operation's assets (after-tax) 32,400 X (9,720) Loss 22.680 $ 589,050 X 2. Prepare a multi-step income statement for the year ended December 31, 2020. (Amounts to be deducted should be indicated by a minus sign in the other revenues and expenses section and the discontinued operations section.) Answer is not complete. UNILINK TELECOM CORP. Income Statement For Year Ended December 31, 2020 Sales Cost of goods sold 2.364,200 1,184,000 OOO 1,180,200 87,800 Gross profit on sales Operating expenses Depreciation expense, equipment Depreciation expense, buildings Other operating expenses Operating loss Other revenues and expenses Interest income Gain from settling a lawsuit Gain on expropriation of land and building Loss on sale of office equipment 130.300 235,400 (453,500) $ 726,700 X 29.500 102 200 69,100 (60.100)