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Where is wrong??? Problem 4-6 Income statement presentation LO4-1, 4-3, 4-4, 4-5] Rembrandt Paint Company had the following income statement items for the year ended
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Problem 4-6 Income statement presentation LO4-1, 4-3, 4-4, 4-5] Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016 in 000s): 10,500 Net sales 18,000 Cost of goods sold Interest income 200 Selling and administrative expenses 2.500 Interest expense 350 Restructuring costs 800 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $1.6 million and a gain on disposal of the component's assets of $2 million 500,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 30% on all items of income (loss). Required Prepare a multiple-step income statement for 2016, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.)Step by Step Solution
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