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Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018 ($ in 000s): Net sales Interest income Interest expense
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018 ($ in 000s): Net sales Interest income Interest expense $ 37,000 390 730 Cost of goods sold Selling and administrative expenses Restructuring costs $ 20,000 4,400 2,700 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $3.5 million and a gain on disposal of the component's assets of $5.8 million. 800,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax rate is 20% on all items of income (loss). Required: Prepare a multiple-step income statement for 2018, including EPS disclosures. (Any amounts to be deducted, including expenses, should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.) $ ($ in thousands, except per share amounts) Sales revenue Cost of goods sold Gross profit Operating expenses Selling and administrative $ 4,400 Restructuring costs 2,700 37,000 20,000 17,000 7,100 9,900 Operating income Other income/expense interest income (expense), net Income from continuing operations before income taxes (340) 9,560 9,560 Income from continuing operations Discontinued operations Income from operations of discontinued component 9,560 Net income Earnings per share: Income from continuing operations Income from discontinued operations Net income
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