Question 25

The balance of Kroeger ine included the following accounts as of December 31, 2021 sales revenus 1,350,000 55,00 on projected betit obligation 155,00 6,155.000 750.ee 525.000 25,000 450.000 The gainon debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25% Required Prepare a 2021 multiple-step income statement for Kroeger Inc. with earnings per share disclosure (Amounts to be deducted should be indicated with a minus sign. Round Earnings per share answer to 2 decimal places.) KROEGERIN For the Year Ended December 11, 2021 58360.000 6.155 000 $ 8,350,000 6,155,000 2,195,000 For the Year End December 11, 2012 Sales revenue Cost of goods sold Gross profit Operating expenses General and administrative expense $ 450.000 Selling expense 750,000 Goodwill impairment loss 525,000 1.725,000 470,000 Total operating expenses Operating income Other income (expense) Interest revenvie Gain on sale of investments Interest expense 55.000 115,000 (25000) 145.000 Total other income, net Income before income taxes 615,000 Net Income (loss