The ledger of Sheridan Corporation at November 30, 2021, contains the following summary data:

Cash dividendscommon		$68,500		Operating expenses		$1,117,000
Cash dividendspreferred		25,000		Other comprehensive incomeloss on equity investments (before income tax)		87,000
Common shares		323,500		Rent revenue		55,000
Cost of goods sold		7,350,000		Preferred shares ($5 noncumulative)		397,000
Depreciation expense		357,000		Retained earnings, December 1, 2020		748,000
Sales		9,027,000

Your analysis reveals the following additional information:

1.		The company has a 25% income tax rate.
2.		The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $18,400 before income tax. The division was sold at a loss of $78,500 before income tax.
3.		There were 200,000 common and 5,000 preferred shares issued on December 1, 2020, with no changes during the year.

Prepare a multiple-step income statement for the year.

SHERIDAN CORPORATION Income Statement Year Ended November 30, 2021Month Ended November 30, 2021November 30, 2021
Operating ExpensesProfit on Discontinued Operations of Communication Device DivisionSalesIncome Tax ExpenseCost of Goods Sold		$
Operating ExpensesProfit on Discontinued Operations of Communication Device DivisionSalesCost of Goods SoldIncome Tax Expense
Discontinued OperationsOther RevenuesComprehensive IncomeProfit / (Loss)Total ExpensesTotal Other RevenuesExpensesProfit from OperationsGross ProfitProfit from Continuing OperationsBeginning Balance, November 30Ending Balance, December 31DividendsOther Comprehensive LossProfit before Income Taxes
Depreciation ExpenseOperating ExpensesIncome Tax ExpenseSalesLoss on Disposal of Discontinued Communication Device Division	$
Loss on Disposal of Discontinued Communication Device DivisionSalesOperating ExpensesIncome Tax ExpenseDepreciation Expense
Other RevenuesGross ProfitDividendsExpensesDiscontinued OperationsProfit before Income TaxesTotal ExpensesBeginning Balance, November 30Profit from Continuing OperationsOther Comprehensive LossEnding Balance, December 31Profit / (Loss)Total Other RevenuesComprehensive IncomeProfit from Operations
Profit / (Loss)Comprehensive IncomeProfit from OperationsTotal ExpensesProfit from Continuing OperationsOther Comprehensive LossGross ProfitExpensesProfit before Income TaxesOther RevenuesDividendsDiscontinued OperationsTotal Other RevenuesBeginning Balance, November 30Ending Balance, December 31
Profit from Continuing OperationsOther Comprehensive LossDiscontinued OperationsGross ProfitExpensesTotal ExpensesDividendsProfit before Income TaxesProfit / (Loss)Profit from OperationsOther RevenuesEnding Balance, December 31Comprehensive IncomeBeginning Balance, November 30Total Other Revenues
SalesLoss on Disposal of Discontinued Communication Device DivisionDepreciation ExpenseOperating ExpensesIncome Tax Expense
Profit before Income TaxesProfit from Continuing OperationsProfit / (Loss)Discontinued OperationsOther RevenuesTotal Other RevenuesExpensesGross ProfitComprehensive IncomeTotal ExpensesProfit from OperationsEnding Balance, December 31DividendsBeginning Balance, November 30Other Comprehensive Loss
Total Other RevenuesProfit from Continuing OperationsDividendsProfit / (Loss)Profit from OperationsOther Comprehensive LossDiscontinued OperationsGross ProfitEnding Balance, December 31ExpensesComprehensive IncomeProfit before Income TaxesOther RevenuesBeginning Balance, November 30Total Expenses
Profit on Discontinued Operations of Communication Device DivisionDepreciation ExpenseOperating ExpensesSalesLoss on Disposal of Discontinued Communication Device Division
Profit on Discontinued Operations of Communication Device DivisionDepreciation ExpenseOperating ExpensesSalesLoss on Disposal of Discontinued Communication Device Division
Gross ProfitComprehensive IncomeExpensesBeginning Balance, November 30Total ExpensesOther RevenuesOther Comprehensive LossDividendsProfit from Continuing OperationsEnding Balance, December 31Profit from OperationsTotal Other RevenuesDiscontinued OperationsProfit / (Loss)Profit before Income Taxes		$
Earnings per share		$

Question Part Score

--/15

Prepare a statement of comprehensive income as a separate statement.

SHERIDAN CORPORATION Statement of Comprehensive Income Month Ended November 30, 2021November 30, 2021Year Ended November 30, 2021
Profit from OperationsExpensesTotal Other RevenuesGross ProfitEnding Balance, December 31DividendsProfit before Income TaxesComprehensive IncomeOther Comprehensive LossBeginning Balance, November 30Discontinued OperationsProfit from Continuing OperationsTotal ExpensesOther RevenuesProfit / (Loss)		$
Profit from OperationsComprehensive IncomeEnding Balance, December 31Profit before Income TaxesBeginning Balance, November 30Profit / (Loss)DividendsExpensesGross ProfitTotal ExpensesProfit from Continuing OperationsTotal Other RevenuesDiscontinued OperationsOther RevenuesOther Comprehensive Loss
Loss on Income Tax Savings (Net)Profit on Discontinued Operations of Communication Device DivisionGain on Income Tax Savings (Net)Loss on Equity Investments (Net)Gain on Equity Investments (Net)
DividendsOther Comprehensive LossGross ProfitExpensesOther RevenuesEnding Balance, December 31Total ExpensesProfit from Continuing OperationsDiscontinued OperationsProfit / (Loss)Profit from OperationsBeginning Balance, November 30Total Other RevenuesComprehensive IncomeProfit before Income Taxes		$