This exercise should be used with Exercise 1-25A.

Requirements
1. Prepare the income statement of Jill Carlson Realty Company for the year ended January 31, 2018.

2. What amount of dividends did Jill Carlson declare during the year ended January 31, 2018? Prepare a statement of retained earnings.

Data from Exercise 1-25A

The following are the assets and liabilities of Jill Carlson Realty Company, as of January 31, 2018. Also included are revenue, expense, and selected stockholders’ equity figures for the year ended on that date (amounts in millions):

Investment assets (long-term).. Property and equipment, net. Other expenses.. Retained earnings, beginning.. Retained earnings, ending . Cash.. Other assets (long-term). $ 79.4 Total revenue $ 25.7 0.5 2.9 39.2 Receivables... Current liabilities Common stock. Interest expense. Salary and other employee expenses.. Long-term liabilities 1.6 7.6 2.6 1.5 13.7 57.2 9.3 102.6