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

Cash dividendscommon		$69,000		Operating expenses		$1,118,000
Cash dividendspreferred		25,000		Other comprehensive incomeloss on equity investments (before income tax)		88,000
Common shares		324,000		Rent revenue		56,000
Cost of goods sold		7,360,000		Preferred shares ($5 noncumulative)		398,000
Depreciation expense		358,000		Retained earnings, December 1, 2020		749,000
Sales		9,028,000

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 $18,600 before income tax. The division was sold at a loss of $79,000 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.

SUNLAND CORPORATION Income Statement November 30, 2021Year Ended November 30, 2021Month Ended November 30, 2021
Profit on Discontinued Operations of Communication Device DivisionIncome Tax ExpenseOperating ExpensesSalesCost of Goods Sold		$
SalesOperating ExpensesCost of Goods SoldProfit on Discontinued Operations of Communication Device DivisionIncome Tax Expense
Total ExpensesProfit from OperationsGross ProfitTotal Other RevenuesEnding Balance, December 31Comprehensive IncomeProfit before Income TaxesExpensesOther RevenuesBeginning Balance, November 30Profit / (Loss)DividendsDiscontinued OperationsProfit from Continuing OperationsOther Comprehensive Loss
Income Tax ExpenseLoss on Disposal of Discontinued Communication Device DivisionOperating ExpensesSalesDepreciation Expense	$
Depreciation ExpenseOperating ExpensesIncome Tax ExpenseLoss on Disposal of Discontinued Communication Device DivisionSales
Other Comprehensive LossProfit from OperationsBeginning Balance, November 30Gross ProfitEnding Balance, December 31Profit before Income TaxesProfit / (Loss)Total Other RevenuesTotal ExpensesComprehensive IncomeProfit from Continuing OperationsOther RevenuesDividendsDiscontinued OperationsExpenses
Ending Balance, December 31Total ExpensesBeginning Balance, November 30Profit from Continuing OperationsOther RevenuesComprehensive IncomeTotal Other RevenuesDividendsProfit from OperationsOther Comprehensive LossGross ProfitExpensesDiscontinued OperationsProfit / (Loss)Profit before Income Taxes
DividendsComprehensive IncomeDiscontinued OperationsExpensesProfit / (Loss)Beginning Balance, November 30Profit before Income TaxesOther RevenuesProfit from Continuing OperationsEnding Balance, December 31Total Other RevenuesOther Comprehensive LossTotal ExpensesGross ProfitProfit from Operations
Income Tax ExpenseDepreciation ExpenseLoss on Disposal of Discontinued Communication Device DivisionOperating ExpensesSales
Ending Balance, December 31Profit / (Loss)Comprehensive IncomeOther Comprehensive LossDividendsTotal Other RevenuesBeginning Balance, November 30Profit from OperationsTotal ExpensesProfit before Income TaxesExpensesGross ProfitOther RevenuesProfit from Continuing OperationsDiscontinued Operations
Discontinued OperationsProfit before Income TaxesTotal Other RevenuesGross ProfitTotal ExpensesEnding Balance, December 31DividendsComprehensive IncomeBeginning Balance, November 30Profit from OperationsProfit from Continuing OperationsOther RevenuesOther Comprehensive LossProfit / (Loss)Expenses
Depreciation ExpenseLoss on Disposal of Discontinued Communication Device DivisionSalesOperating ExpensesProfit on Discontinued Operations of Communication Device Division
Profit on Discontinued Operations of Communication Device DivisionOperating ExpensesLoss on Disposal of Discontinued Communication Device DivisionSalesDepreciation Expense
Ending Balance, December 31ExpensesOther RevenuesProfit from Continuing OperationsBeginning Balance, November 30Comprehensive IncomeDividendsProfit before Income TaxesProfit from OperationsOther Comprehensive LossTotal ExpensesDiscontinued OperationsTotal Other RevenuesGross ProfitProfit / (Loss)		$
Earnings per share		$

Question Part Score

--/15

Prepare a statement of comprehensive income as a separate statement.

SUNLAND CORPORATION Statement of Comprehensive Income Month Ended November 30, 2021November 30, 2021Year Ended November 30, 2021
Beginning Balance, November 30DividendsDiscontinued OperationsTotal ExpensesOther Comprehensive LossGross ProfitProfit / (Loss)Profit from Continuing OperationsTotal Other RevenuesComprehensive IncomeProfit before Income TaxesExpensesOther RevenuesProfit from OperationsEnding Balance, December 31		$
Profit from OperationsProfit before Income TaxesComprehensive IncomeTotal ExpensesExpensesDividendsTotal Other RevenuesProfit from Continuing OperationsEnding Balance, December 31Discontinued OperationsGross ProfitProfit / (Loss)Beginning Balance, November 30Other Comprehensive LossOther Revenues
Gain on Income Tax Savings (Net)Gain on Equity Investments (Net)Loss on Income Tax Savings (Net)Loss on Equity Investments (Net)Profit on Discontinued Operations of Communication Device Division
Other Comprehensive LossExpensesOther RevenuesTotal ExpensesBeginning Balance, November 30Profit / (Loss)Total Other RevenuesProfit before Income TaxesProfit from Continuing OperationsGross ProfitDividendsDiscontinued OperationsEnding Balance, December 31Profit from OperationsComprehensive Income		$

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