Problem 4-6 Income statement presentation [LO4-1, 4-3, 4-4, 4-5]

Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016 ($ in 000s):

Net sales	$	20,000	Cost of goods sold	$	11,500
Interest income		220	Selling and administrative expenses		2,700
Interest expense		390	Restructuring costs		1,000

In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $1.8 million and a gain on disposal of the components assets of $2.4 million. 600,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40% on all items of income (loss).

Required:

Prepare a multiple-step income statement for 2016, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share.Round EPS answers to 2 decimal places.) Please help with items to debit and credit. Thanks!

REMBRANDT PAINT COMPANY
Income Statement
For the Year Ended December 31, 2016
($ in thousands, except per share amounts)
Sales revenue		$20,000,000
Cost of goods sold		11,500,000
Gross profit		8,500,000
Operating expenses
Interest revenue	$220,000
Interest income (expense), net	390,000
Selling and administrative	2,700,000
Restructuring costs	1,000,000	4,310,000
Other revenue		4,190,000
Interest income (expense), net		(1,970)
		4,188,030
Total non-operating revenue		4,188,030
Net income
		0
		$4,188,030
Earnings per share: