You may use the attached spreadsheet to help you complete this activity, but you are not required to do so$.$ You will find the spreadsheet by clicking on

the green Excel icon in the upper left hand corner of the activity.

Simple Income Statement

The following are selected items derived from Dibb Company's adjusted trial balance on December $31,2016$:

Loss on sale of land $$4,100$

Cost of goods sold $$192,000$

Sales $($net$)$ $$261,300$

Operating expenses $$41,200$

$12,000$ shares of common stock were outstanding the entire year.

Required:

Assuming a $30\%$ income tax rate on all items of income, prepare a $2016$ income statement for Dibb's Company using a multiple$-$step format. Round

earnings per share computations to two decimal places.

DIBB Company

Income Statement $($Multiple$-$Step$)$

For Year Ended December $31,2016$

Assuming a $30\%$ income tax rate on all items of income, prepare a $2016$ income statement for Dibb's Company using a single$-$step format. Round

earnings per share computations to two decimal places.

DIBB Company

Income Statement $($Single$-$Step$)$

For Year Ended December $31,2016$