Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands):

Sales revenue $18,000

Interest revenue 100

Interest expense 300

Cost of goods sold 10,500

Selling and administrative expense 2,500

Restructuring costs 800

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 components assets of $2 million. There were 500,000 shares of common stock 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. Use a multiple-step format similar to Illustration 44 of this chapter to prepare income from continuing operations, and then add to this the discontinued operations portion of the income statement.

REMBRANDT PAINT COMPANY Income Statement For the year ended December 31, 2021 ($ in thousands, except per share amounts) Sales revenue Cost of goods sold Gross profit Operating expenses: Selling and administrative expense Restructuring costs Operating income Other income (expense): Interest revenue Interest expense Other income, net Income from continuing operations before income taxes Income tax expense Income from continuing operations Discontinued operations: Income from operations of discontinued component Income tax expense Income on discontinued operations Net income 500 shares Earnings per share: Income from continuing operations Income from discontinued operations Net income