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Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 18,000 100 300 cost of goods sold Selling and administrative expense Restructuring costs $ 10,500 2,500 800 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 component's assets of $2 million. 500,000 shares of common stock were outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss). Required: Prepare a multiple-step income statement for 2021, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.) Income Statement For the Year Ended December 31, 2021 ($ in thousands, except per share amounts) Sales revenue Cost of goods sold Gross profit Operating expenses: Selling and administrative expenses Restructuring costs 18,000 10,500 7,500 2,500 800 3,300 4,200 100 300 400 3,800 950 2,850 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: Loss from operations of discontinued component Gain on sale of investment Income on discontinued operations Net income Earnings per share: Income from continuing operations Income on discontinued operations Net income $ 2,850
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