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.

SHERIDANCORPORATION home Statement >> $