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The partial trial balance of Kroeger Inc. included the following accounts as of December 31, 2018: Debits Credits Sales revenue 8,370,000 Interest revenue 53,000 Gain
The partial trial balance of Kroeger Inc. included the following accounts as of December 31, 2018:
Debits | Credits | |||
Sales revenue | 8,370,000 | |||
Interest revenue | 53,000 | |||
Gain on sale of investments | 113,000 | |||
Unrealized gains on investments | 136,500 | |||
Foreign currency translation adjustment | 153,000 | |||
Cost of goods sold | 6,177,000 | |||
Selling expenses | 770,000 | |||
Goodwill impairment loss | 535,000 | |||
Interest expense | 23,000 | |||
General and administrative expenses | 430,000 | |||
Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 40%. Required:
Prepare a 2018 multiple-step income statement for Kroeger Inc. with earnings per share disclosure.
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