E3.9 (LO 1, 3) (Multiple-Step Statement with Retained Earnings Statement) Presented below is information related to...

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E3.9 (LO 1, 3) (Multiple-Step Statement with Retained Earnings Statement) Presented below is information related to Ivan Calderon Corp. for the year 2025. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,300,000 780,000 65,000 48,000 20,000 7,000 Write-off of inventory due to obsolescence $80,000 Depreciation expense omitted by accident in 2024 55,000 Casualty loss 50,000 Cash dividends declared 45,000 Retained earnings at December 31, 2024 Effective tax rate of 20% on all items 980,000 Instructions a. Prepare a multiple-step income statement for 2025. Assume that 60,000 shares of common stock are outstanding for the entire year. b. Prepare a separate retained earnings statement for 2025. E3.9 (LO 1, 3) (Multiple-Step Statement with Retained Earnings Statement) Presented below is information related to Ivan Calderon Corp. for the year 2025. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,300,000 780,000 65,000 48,000 20,000 7,000 Write-off of inventory due to obsolescence $80,000 Depreciation expense omitted by accident in 2024 55,000 Casualty loss 50,000 Cash dividends declared 45,000 Retained earnings at December 31, 2024 Effective tax rate of 20% on all items 980,000 Instructions a. Prepare a multiple-step income statement for 2025. Assume that 60,000 shares of common stock are outstanding for the entire year. b. Prepare a separate retained earnings statement for 2025.

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a MultipleStep Income Statement for Ivan Calderon Corp for the year 2025 ... View the full answer