exercise 4-16

Project Description:

the following information was taken from the records of gibson inc. for the year 2012: income tax applicable to income from continuing operations $123,700; income tax applicable to loss on discontinued operations $28,900; income tax applicable to extraordinary gain $33,592; income tax applicable to extraordinary loss $21,692; and unrealized holding gain on available-for-sale securities $17,900.

extraordinary gain $98,800 cash dividends declared $152,900
loss on discontinued operations 81,500 retained earnings january 1, 2012 601,200
administrative expenses 248,100 cost of goods sold 857,800
rent revenue 41,300 selling expenses 303,700
extraordinary loss 63,800 sales revenue 1,701,400

shares outstanding during 2012 were 100,100.




(a)

prepare a single-step income statement for 2012. (round earnings per share to 2 decimal places, e.g. $1.48.)
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