Question: Please help ASAP!!!! Using the information below for ABC Company, prepare an income statement in good form for the year ended December 31. Weighted average
Please help ASAP!!!!
Using the information below for ABC Company, prepare an income statement in good form for the year ended December 31.
| Weighted average common shares outstanding | 2,000,000 |
| Dividends declared on common stock | $750,000 |
| Cost of goods sold | 4,000,000 |
| Gain on sale of treasury stock | 56,000 |
| Loss on disposal of discontinued operations (net of income tax) | 300,000 |
| Prior period adjustment (net of income tax) | 190,000 |
| Selling expenses | 1,050,000 |
| Net sales | 10,200,000 |
| Income tax on continuing operations | 612,000 |
| Excess of issuance price over par value of common stock | 710,000 |
| General and administrative expenses | 840,000 |
| Loss from settlement of litigation | 10,000 |
| Operating loss on discontinued operations (net of income tax) | 180,000 |
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