Preparing a Single-Step and a Multiple-Step Income Statement

The following selected items are taken from the adjusted trial balance of Amick Corp. at December 31, 2020.

Sales revenue	$760,000
Cost of goods sold	460,000
Dividends received on investment in stocks	5,200
Interest expense	3,360
Loss on sale of investments	38,400
Promotion expense	12,000
Shipping expense	20,000
Depreciation (50% selling, 50% general and administrative)	16,000
Salaries (general and administrative)	64,000
Other general and administrative expenses	18,400
Salaries (selling)	68,240
Interest revenue	2,000
Income tax rate	25%
Common stock	20,000 shares

Required

a. Prepare a single-step income statement (including earnings per share). Include income taxes in its own section.

b. Prepare a multiple-step income statement (including earnings per share).

• Enter revenues and gains and expenses and losses in the order of the largest dollar amount to the smallest dollar amount.
• Do not use negative signs with any of your answers.
• Round the per share amount to two decimal places.