The Blues Corporation reported the following for the year ended
The Blues Corporation reported the following for the year ended December 31, 2011:
Sales ................... $ 425,000
Cost of goods sold.............. 185,000
Interest income .............. 4,000
Gain on sale of equipment .......... 6,000
Selling and administrative expenses........ 18,000
Interest expense ............... 2,000
Extraordinary gain .............. 23,000
Loss from discontinued segment operations .... (9,500)
Gain on disposal of discontinued segment ..... 34,000

Requirement
Assume the corporation is subject to a 30% tax rate. Prepare an income statement for the year ended December 31, 2011.

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