Suppose Armstrong Cycles, Inc., reported a number of special items on its income statement. The following data, listed in no particular order, came from Armstrong’s financial statements (amounts in thousands):

Requirements

1. Show how the Armstrong Cycles, Inc., multi- step income statement for the year ended September 30, 2014, should appear. Omit earnings per share. Use the end-of-chapter summary problem on pages 637– 638 as an example.

2. Prepare the Statement of Comprehensive Income for Armstrong Cycles, Inc., for the year ended September 30, 2014.

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Income tax expense (savings): Continuing operations. Discontinued operations... Extraordinary loss. Unrealized gain on available-for-sale investments, net of taxes. . Short-term investments. .......... Net sales.. Forcign-currency translation 94 $14,300 $635 gain, net of taxes.. (4) Extraordinary loss. Income from discontinued operations. Dividends declared and paid 310 12 320 650 12,200 39 Total operating expenses.. 45