Using the information in E15.15, show how Phillips Corporations income statement and balance sheet report the impact

Question:

Using the information in E15.15, show how Phillips Corporation’s income statement and report the impact of this note for the years ended December 31, 2010, and December 31, 2011.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...