The following items were derived from Gold Company€™s December 31, 2016, adjusted trial balance:

Additional data:
1. Seven thousand shares of common stock have been outstanding the entire year.
2. The income tax rate is 30% on all items of income.
Required:
1. Prepare a 2016 multiple-step income statement.
2. Prepare a 2016 single-step income statement.
3. Discuss how Gold Company's income statement in Requirement 1 might be different if it used IFRS.

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Cost of goods sold Sales 9,000 28,000 4,000 Loss from strike (pret 195,000 Selling expenses 20,000 t revenue General and administrative expenses