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The trial balance of Plano Company Included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments
The trial balance of Plano Company Included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expense General and administrative expenses Interest expense Debita Credits $760,000 64,000 114,000 $540,000 146,000. 34,000 108,000 Plano had 50,000 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. PLANO COMPANY Income Statement For the Year Ended December 31, 2024 Sales revenue Interest expense Gross profit $ 760,000 64,000 696,000 Operating expenses: Cost of goods sold 540,000 Selling expense 146,000 General and administrative expense 108,000 Total operating expenses 794,000 Operating income (loss) (98,000) Other income (expense): Interest expense 34,000 Gain on sale of investments 114,000
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