Problem 4-6 Income statement presentation; Discontinued operations; EPS [LO4-1, 4-3, 4-4, 4-5]

Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018 ($ in 000s):

Net sales	$	18,000	Cost of goods sold	$	10,500
Interest income		200	Selling and administrative expenses		2,500
Interest expense		350	Restructuring costs		800

In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $1.6 million and a gain on disposal of the components assets of $2 million. 500,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax rate is 30% on all items of income (loss). Required: Prepare a multiple-step income statement for 2018, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.)

REMBRANDT PAINT COMPANY
Income Statement
For the Year Ended December 31, 2018
($ in thousands, except per share amounts)
Sales revenue		$18,000
Cost of goods sold		(10,500)
Gross profit		7,500
Operating expenses
Selling and administrative	$2,500
Restructuring costs	800
		3,300
		4,200
		4,200
		4,200
		0
		4,200
Earnings per share: