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The following information was taken from the records of Novak Inc. for the year 2020: Income tax applicable to income from continuing operations $ 239,360,
The following information was taken from the records of Novak Inc. for the year 2020: Income tax applicable to income from continuing operations $ 239,360, income tax applicable to loss on discontinued operations $ 32,640, and unrealized holding gain on available-for-sale securities (net of tax) $ 19,200. $ 121,600 $ 192,000 96,000 3,360,000 Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory 307,200 Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling expenses Sales Revenue 1,088,000 51.200 384,000 76,800 2,432,000 Shares outstanding during 2020 were 100,000. NOVAK INC Income Statement Yer December 11.2000 He $1200 Totallen Esper ConstaGoods Sold LO000 Aditive Sting Exo 307 200 Total Income From Cortion V Diceration V Listed Onion Other and lowes Income From Continention Defence Incore Canne Operacion Detov Income Incrementions Discorder v LowonDescried Operation 000 Add Accedi Netcom v Perhe Commons Operation of inni NOVAK INC. Income Statement First Year Ended December 31, 2020 V 2.432.000 51.200 $ 2433.200 Sold LOS DOO Ermes 4000 307.200 1.779200 Winners 204.00 perti nadoration 121400 les V Conching Operations Before 75.000 Operations for come to V 748.300 (239.360 intinin SO 400 Duration tudom M.000 Accome Tax Retution 13,640 240 3000 no V anti SO down 11 (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above
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