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Webber Corporation reported the following alphabetical items for the year ended December 31, 2019 (some of Webber's balance sheet accounts have been omitted). Accumulated Depreciation
Webber Corporation reported the following alphabetical items for the year ended December 31, 2019 (some of Webber's balance sheet accounts have been omitted). Accumulated Depreciation Accumulated Other Comprehensive Income Available for Sale Securities Common Stock, $10 par Cost of Goods Sold (condensed) Dividends Declared ($3,000 for Preferred and $29,000 for Common) Dividend Revenue Gain on Sale of Equipment Interest Expense Loss from Discontinued Operations Net Sales Operating Expenses (condensed) Paid in Capital in Excess of Par - Common Preferred Stock, $50 par Prior Period Adjustment (credit balance) Rent Revenue Retained Earnings on January 1, 2019 Unrealized Gain on Available for Sale Securities which are Bonds $200,000 21,000 $79,000 290,000 600,000 32,000 6,000 12,000 80,000 30,000 1,300,000 500,000 770,000 50,000 40,000 7,000 355,000 9,000 Assume that Webber was in a 24% tax rate this year and a 30% tax rate in all previous years. Assume also that Webber sold 6,000 shares of common stock on August 1 of this year (which is already included in the amounts above). INSTRUCTIONS: 1. Prepare a multiple step income statement (including EPS) for the year ended December 31, 2019, from the accounts and amounts listed above. Not all accounts will be used. 2. Prepare a retained earnings statement for the year ended December 31, 2019, from the accounts and amounts listed above. Not all accounts will be used
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