The following information was taken from the records of Roland Carlson Inc. for the year 2014: income tax applicable to income from continuing operations $187,000 income tax applicable to loss on discontinued operations $25,500, and unrealized holding gain on available for sale securities $15,000.

Gain on sale of equipment: 95,000

Loss on discontinued operations: 75,000

Administrative Expenses 240,000

Rent Revenue 40,000

Loss on write down of inventory 60,000

Cash Dividends declared 150,000

Retained Earnings Jan 1st 2014 600,000

Cost of Goods Sold 850,000

Selling Expenses 300,000

Sales Revenues 1,900,000

Shares outstanding during 2014 were 100,000

Instructions:

1. prepare a single step income statement.

2. prepare a comprehensive income statement for 2014, using the two statement format.

3. prepare a retained earnings statement for 2014