Robbin Corporation had the information listed below available in preparing an income statement for the year ended December 31, 2017. All amounts are before income taxes. Assume a 30% income tax rate for all items.
Sales......................................................................................... $ 700,000
Expropriation of property by a foreign government (loss)...................... $ (90,000)
Income from operation of discontinued cement division......................... $ 100,000
Loss from disposal of cement division................................................ $ (80,000)
Operating expenses....................................................................... $ 125,000
Gain on sale of equipment............................................................. $ 65,000
Cost of goods sold......................................................................... $ 420,000
Instructions
Prepare a multiple-step income statement in good form which takes into account intraperiod income tax allocation. Ignore EPS computations.