Problem 4-6 Income statement presentation [LO4-1, 4-3, 4-4, 4-5]

Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016 ($ in 000s):

Net sales $ 20,000 Cost of goods sold $ 11,500

Interest income 220 Selling and administrative expenses 2,700

Interest expense 390 Restructuring costs 1,000 .

In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $1.8 million and a gain on disposal of the components assets of $2.4 million. 600,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40% on all items of income (loss).

Required: Prepare a multiple-step income statement for 2016, 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.)