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The trial balance of Lakewood Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Cost
The trial balance of Lakewood Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expense Loss on inventory write-down Interest expense General and administrative expense Debits Credits $2,200,000 88,000 58,000 $1,420,000 260,000 38,000 48,000 158,000 Lakewood Incorporated had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required: Prepare a multiple-step income statement with earnings per share disclosure. Note: Round earnings per share answer to 2 decimal places. LAKEWOOD INCORPORATED Income Statement For the Year Ended December 31, 2024 Sales revenue $ 2,200,000 Cost
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