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The following information was taken from the records of Sheffield Inc. for the year 2020: Income tax applicable to income from continuing operations $209.440: income
The following information was taken from the records of Sheffield Inc. for the year 2020: Income tax applicable to income from continuing operations $209.440: income tax applicable to loss on discontinued operations $28,560. and unrealized holding gain on available-for-sale securities (net of tax) $16,800. Gain on sale of equipment $106,400 Cash dividends declared $168,000 Loss on discontinued operations 84,000 Retained earnings January 1, 2020 2,400,000 Administrative expenses 268,800 Cost of goods sold 952,000 Rent revenuc 44,800 Selling expenscs 336,000 2,128,000 Loss on write-down F inventory 67 200 Sales Revenue Shares outstanding during 2020 were 100,000. Prepare a single-step income statement. (Kound eurmings pershre to 2 decimal paces, e 148 SHEFFIELD INC. Income Statement $ Prepare a comprehensive income statement for 2020, using the two statement format. SHEFFIELD INC. Comprehensive Income Statement Prepare a retained earnings statement for 2020. (tfst ltens tatheuse 1euhe enMhgs firsEj SHEFFIELD INC. Retained Earmings Statement
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