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Problem 4-6 (Static) Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4, 4-5) Rembrandt Paint Company had the following income statement items for the year
Problem 4-6 (Static) Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4, 4-5) Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 (S in thousands): Sales revenue Interest revenue Interest expense $ 18,000 100 Cost of goods sold Selling and administrative expense Restructuring costs $ 10,500 2,500 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $1.6 million and a gain on disposal of the component's assets of $2 million 500,000 shares of common stock were outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss). Required: Prepare a multiple-step income statement for 2021, 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.) REMBRANDT PAINT COMPANY Income Statement For the Year Ended December 31, 2021 15 in thousands, except per share amounts) 1 L Cost of goods sold Gross profit Operating expenses Seling and administrative expenses Restructuring costs UTTI
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