The following information was taken from the records of Roland Carlson Inc. for the year 2017: 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 (net of tax) $15,000.

Gain on sale of equipment $ 95,000

Cash dividends declared $ 150,000

Loss on discontinued operations 75,000

Retained earnings January 1, 2017 600,000

Administrative expenses 240,000

Cost of goods sold 850,000

Rent revenue 40,000

Selling expenses 300,000

Loss on write-down of inventory 60,000

Sales revenue 1,900,000

Shares outstanding during 2017 were 100,000.

Fill of the information in the table provided. This is the information I have filled out so far - corrections can be made.

E4-17
	(a) ROLAND CARLSON INC.
	Income Statement
	For the Year Ended December 31, 2017
	Revenues
	Sales revenue	$1,900,000
	Rent revenue	40,000
	Total revenues		1,940,000
	Expenses
	Cost of goods sold	850,000
	Selling expenses	300,000
	Administrative expenses	240,000
	Total expenses		1,390,000
Income from operations			550,000
Other revenues and gains
Gain on sale of equipment			95,000
Other expenses and losses
Inventory loss			60,000
Income from continuing operations before
income tax			$187,000
Income tax			**
Income from continuing operations			***
Discontinued operations
Loss on discontinued operations		$75,000
Less: Applicable income tax reduction		**	**
Net income			**
Per share of common stock:
Income from continuing operations (income from continuing operations 100,000)		**
Loss on discontinued operations, net of tax		**
Net income (Net income 100,000)		**