Question: PLEASE HELP! WILL RATE! Presented below is information related to Donaldson Corp., for the year 2017. Net sales $1,950,000 Cost of goods sold 1,200,000 Selling
PLEASE HELP! WILL RATE!
Presented below is information related to Donaldson Corp., for the year 2017.
| Net sales | $1,950,000 | ||
| Cost of goods sold | 1,200,000 | ||
| Selling expenses | 95,000 | ||
| Administrative expenses | 70,000 | ||
| Dividend revenue | 30,000 | ||
| Interest revenue | 20,000 | ||
| Interest expense | 45,000 | ||
| Write-off of goodwill due to impairment | 75,000 | ||
| Depreciation expense omitted in 2015 | 105,000 | ||
| Dividends declared | 120,000 | ||
| Effect on prior years of change in accounting principle (credit) | 220,000 | ||
| Loss from operations of discontinued component of business | 240,000 | ||
| Gain from disposal of component of business | 300,000 | ||
| Federal tax rate of 30% on all items |
Prepare a multiple-step income statement for 2017. Assume the 200,000 shares of common stock were outstanding during 2017
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