TB Problem 4-157 (Algo)

The trial balance of Lakewood Inc. included the following accounts as of December 31, 2021:

	Debits		Credits
Sales revenue			2,100,000
Interest revenue			86,000
Gain on sale of investments			56,000
Cost of goods sold	1,340,000
Selling expense	250,000
Loss on inventory write-down	36,000
Interest expense	46,000
General and administrative expense	156,000

Lakewood Inc. had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required: Prepare a multiple-step income statement with earnings per share disclosure.(Amounts to be deducted should be indicated with a minus sign. Round Earnings per share answer to 2 decimal places.)

LAKEWOOD INC. Income Statement For the Year Ended December 31, 2021 Gross profit Operating expenses: Total operating expenses Operating income Other income (expense): Total other income, net Income before income taxes Net income (loss) Earnings per share