E4.17 (LO 2, 3, ) ( Various Reporting Formats) The following information was taken from the records of Roland Carlson Inc. for the year 2020: income tax applicable to income from continuing opera tions $ 187,000 , income tax applicable to loss on discontinued operations $ 25,500, and unrealized holding gain on available-for-sale debt securities (net of tax) $15,000. Gain on sale of equipment $ 95,000 Cash dividends declared Loss on discontinued operations 75,000 Retained earnings January 1 , 2020 Administrative expenses 240,000 Cost of goods sold Rent revenue 40,000 Selling expenses Loss on write-down of inventory 60,000 Sales revenue Shares outstanding during 2020 were 100,000. Instructions a. Prepare a single -step income statement (with respect to items in Income from operations ). b . Prepare a comprehensive income statement for 2020. using the two statement format . c. Prepare a retained earnings statement for 2020. $ 150,000 600,000 850,000 300,000 1,900,000

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14.17 KLO 2, 3, 5) Various Reporting Formats) The following information was taken from the records of Roland Carlson Inc. for the year 2020: income tax applicable to income from continuing opera- tions $187,000, income tax applicable to loss on discontinued operations $25,500, and unrealized holding gain on available-for-sale debt securities (net of tax) $15,000. Gain on sale of equipment $ 95,000 Cash dividends declared $ 150,000 Loss on discontinued operations 75,000 Retained earnings January 1, 2020 600,000 Administrative expenses 240,000 Cost of goods sold 850,000 Rent revenue 40,000 Selling expenses 300,000 Loss on write-down of inventory 60,000 Sales revenue 1,900,000 Shares outstanding during 2020 were 100,000. Instructions a. Prepare a single-step income statement (with respect to items in Income from operations). b. Prepare a comprehensive income statement for 2020, using the two statement format. c. Prepare a retained earnings statement for 2020