The following items are from Taperline Corporation on December 31, 2012. Assume a flat 40% corporate tax rate on all items, including the casualty loss.

Required
a. Prepare a single-step income statement for the year ended December 31, 2012. Include earnings per share for earnings before extraordinary items and net income.
b. Prepare a multiple-step income statement. Include earnings per share for earnings before extraordinary items and net income.

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Sales Rental income Gain on the sale of fixed assets General and administrative expenses Selling expenses Interest expense Depreciation for the period Extraordinary item (casualty loss-pretax) Cost of sales Common stock (30,000 shares outstanding) $670,000 3,600 $ 3,000 110,000 97,000 1,900 10,000 30,000 300,000 150,000