Refer to the adjusted trial balance for Catena’s Marketing Company in M4-8. Prepare the closing entry at the end of the current year.

Data from in  M4-8

Catena’s Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $600 were declared at the end of the year, and 500 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $3,000 in cash (for a total at the end of the year of 800 shares). These effects are included below:

Prepare a multistep income statement in good form for the current year. Include the operating income subtotal and earnings per share (rounded to two decimal places).

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1 2 3 4 5 Accounts receivable Interest receivable 7 Prepaid insurance 8 9 10 11 12 13 14 15 60 CATENA'S MARKETING COMPANY Adjusted Trial Balance at the End of the Current Year (in millions) Debit Credit Cash 16 17 18 19 20 Long-term notes receivable Equipment Accumulated depreciation Accounts payable Dividends payable Accrued expenses payable Income taxes payable Unearned rent revenue Common stock (800 shares) Additional paid-in capital Retained earnings Sales revenue Rent revenue 1,500 2,200 100 1,600 2,800 15,290 3,000 2,400 600 3,920 1,680 500 80 3,620 1,400 38,500 800