The following information was taken from the records of Presley
The following information was taken from the records of Presley Inc. for the year
2014:
The following additional information was also available: income tax applicable to income from continuing operations, $187,000; income tax applicable to loss from operation of discontinued Ace Division, $25,000.
The company has elected to adopt ASPE.
Instructions
(a) Prepare a single-step income statement for 2014, showing expenses by function.
(b) Prepare a combined single-step income and statement of retained earnings.
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