Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 2017.
Statement of Income and Retained Earnings for the Year Ended December 31, 2017
($ in 000)
Net sales......................................................................$5,281,954
Costs and expenses
Cost of products sold........................................................4,765,505
Marketing, administrative, and other expenses.............................193,147
Interest expense..................................................................17,143
Other, net..........................................................................54,529
Total expenses before taxes.................................................5,030,324
Earnings before income taxes................................................251,630
Provision for income taxes...................................................(75,489)
Net income......................................................................176,141
Retained earnings at 1/1/17................................................3,046,660
Dividends on common stock................................................(100,000)
Retained earnings at 12/31/17.............................................$3,122,801
Additional facts gleaned from notes to Hardrock's financial statement follow (Dollar amounts in thousands):
a. Other, net for 2017 included a corporate restructuring charge of $8,777 and a profit of $12,000 on discontinued operations. The remainder of the category is composed of investment losses.
b Marketing, administrative, and other expenses for 2017 included a loss on currency translation of $55.
c. All of these transactions were subject to Hardrock's income tax rate of 30%.
d. Hardrock disclosed earnings per share data only in the notes to the financial statements. The company had 10,000,000 shares of common stock outstanding throughout 2017.
Required:
Recast this single-step combined income statement and retained earnings statement as a multiple- step income statement in appropriate form. Include appropriate per share amounts.