Use this information to answer the following questions:

Ivory Co. 12/31/2021 Debits Credits

Partial Trial Balance Data

Sales revenue 700,000

Interest revenue 60,000

Gain on sale of investments 110,000

Cost of goods sold 500,000

Selling expense 150,000

Interest expense 40,000

General and administrative expenses 100,000

Ivory had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%.

a) Required: Prepare a single-step income statement with earnings per share disclosure.

b) Required: Prepare a multiple-step income statement with earnings per share disclosure.

Show computations for the tax and EPS in both a & b.

Make sure you have proper headings, columns, subtotals and totals.