Roland Carlson "Please complete all 3 instructions (Prep statement of comprehensive, statement of stockholders' equity, and balance sheet)

1. Instructions: Prepare a statement of comprehensive income. Round EPS to 2 decimal places.
2. Instructions: Prepare a statement of stockholders equity.

The following data is from the records of Roland Carlson Inc. for the year ended December 31, 2024.

Cost of goods sold	$ 850,000
Sales revenue	1,900,000
Sales discounts	30,000
General and administrative expenses	240,000
Gain on sale of available-for-sale securities	95,000
Gain on sale of discontinued operations	75,000
Income taxes attributed to discontinued operations	25,000
Loss on sale of building	40,000
Loss on write-down of inventory to NRV	6,000
Unrealized loss on trading securities	47,000
Income tax expense	187,000
Dividends declared (common stock)	90,000
Dividends declared (preferred stock)	$ 40,000
Common stock outstanding	1,600,000 shares
Retained earnings, January 1	$ 277,000
Unrealized gain on available-for-sale securities	20,000
Income taxes attributed to unrealized gain on AFS securities	5,000
Preferred stock, January 1	83,000
Common stock, January 1	160,000
Paid-in capital in excess of par value common stock, January 1	425,000
Accumulated other comprehensive income, January 1	$ 73,000

• The company disposed of the discontinued operations component during the year, and the disposal represented a deliberate strategic shift which had a material effect on the companys operations.
• The company issued $46,000 of preferred stock during the year.
• The company did not issue any common stock during the year.

Balance sheet

3. Instructions: Prepare a classified balance sheet.

Here is the adjusted trial balance of Roland Carlson Inc. at December 31, 2024.

	Debit	Credit
Cash and Cash Equivalents	169,000
Trading Securities	265,000
Fair Value Adjustment Trading Securities	3,000
Accounts Receivable	42,000
Allowance for Doubtful Accounts		4,000
Inventory	214,000
Adjustment to Reduce Inventory to NRV		6,000
Other Assets	57,000
Available-for-sale Securities	948,000
Fair Value Adjustment Available-for-sale Securities		10,000
Held-to-maturity Securities	689,000
Building	4,208,000
Accumulated Depreciation Building		2,973,000
Franchises	456,000
Notes Payable		330,000
Accounts Payable		94,000
Accrued Liabilities		126,000
Deferred Tax Liability		37,000
Bonds Payable		2,000,000
Discount on Bonds Payable	123,000
Preferred Stock		129,000
Common Stock		160,000
Paid-in Capital in Excess of Par Value - Common Stock		425,000
Retained Earnings		277,000
Accumulated Other Comprehensive Income		73,000
Dividends - Common Stock	90,000
Dividends - Preferred Stock	40,000
Sales		1,900,000
Sales Discounts	30,000
Cost of Goods Sold	850,000
General and Administrative Expenses	240,000
Gain on Sale of Available-for-sale Securities		95,000
Loss on Sale of Building	40,000
Loss due to Write-down of Inventory to NRV	6,000
Gain on Discontinued Operations		75,000
Income Tax Expense	187,000
Income Tax Expense, Discontinued Operations	25,000
Unrealized Loss on Trading Securities Income	47,000
Unrealized Gain on AFS Securities Equity		20,000
Deferred Income Tax Expense	5,000
Total	8,734,000	8,734,000

Additional information:

• The fair values of securities portfolios are as follows:
• Trading securities $ 268,000
• Available-for-sale securities $ 938,000
• Held-to-maturity securities $ 601,000
• The net realizable value of inventory is $208,000.
• Other assets comprise of deposits and cash advances that will materialize in the next operating cycle.
• Notes payable is due in 7 months.
• Bonds payable are due in 6 years.
• Preferred stock has a par value of $1 per share. On the balance sheet date, there are 130,000 shares authorized, and 129,000 shares issued and outstanding.
• Common stock has a par value of $0.10 per share. On the balance sheet date, there are 5,000,000 shares authorized, and 1,600,000 shares issued and outstanding.