Return to the ABC data in Short Exercise S-F:13-12. ABC had 8,000 shares of common stock outstanding during 2024. ABC declared and paid preferred dividends of $4,000 during 2024.
Show how ABC reports EPS data on its 2024 income statement.

Data from S-F;13-12

ABC Corporation’s accounting records include the following items, listed in no particular order, at December 31, 2024

The income tax rate for ABC Corporation is 21%.
Prepare ABC’s income statement for the year ended December 31, 2024. Omit earnings per share. Use the multi-step format.

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Other Income and (Expenses) Net Sales Gain on Discontinued Operations $ (7,200) 81,000 3,600 Cost of Goods Sold Operating Expenses $ 30,000 25,000