RioCan Corporation

Partial Adjusted Trial Balance

December 31, 2019

Debit Credit

Preferred Shares $550,000

Common Shares 800,000

Dividends Declared on Common Stock $80,000

Dividends Declared on Preferred Stock 60,000

Retained Earnings 955,000

Accumulated Other Comprehensive Income 85,000

Sales Revenue 980,000

Rental Income 42,000

Gain on Sale of FV-NI Income Investments 35,000

Gain from Disposal of Discontinued Division 7,500

Cost of Goods Sold 590,000

Income Tax Expense ?

Selling and Administrative Expenses 180,000

Interest Expense 12,500

Unrealized Loss on FV-OCI Investments, net of tax 5,300

Loss from Operation of Discontinued Division 3,500

Notes:

Round to the nearest dollar for any calculations

Income tax expense has not been calculated and the tax rate is 30%

100,000 common shares have been outstanding all year

Required:

On the following page, solve the following with a multi-step comprehensive income statement in proper format for 2019.

your income statement includes

Title for the statement; -

Income from Operations; -

Other Revenues and Gains; -

Other Expenses and Losses; -

Discontinued Operations;-

Other Comprehensive Income; and -

Earnings Per Share

Comprehensive Income Statement on