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The accountant of Cheyenne Shoe Co. has compiled the following information from the companys records as a basis for an income statement for the year

The accountant of Cheyenne Shoe Co. has compiled the following information from the companys records as a basis for an income statement for the year ended December 31, 2017.

Rent revenue $31,800
Interest expense 20,800
Market appreciation on land above cost 33,800
Salaries and wages expense (selling) 117,600
Supplies expense (selling) 20,400
Income tax 40,200
Salaries and wages expense (administrative) 138,700
Other administrative expenses 54,500
Cost of goods sold 498,800
Net sales 982,800
Depreciation on plant assets (70% selling, 30% administrative) 67,800
Cash dividends declared 18,800

There were 20,070 shares of common stock outstanding during the year.

a)Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) b)Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.)

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