The trial balance of Lakewood Inc. included the following accounts as of December 31, 2021 Sales...

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The trial balance of Lakewood Inc. included the following accounts as of December 31, 2021 Sales revenue Interest revenue. Gain on sale of investments Cost of goods sold Selling expense Loss on inventory write-down Interest expense General and administrative expense Gross profit Operating expenses: LAKEWOOD INC. Income Statement For the Year Ended December 31, 2021 Debits Lakewood Inc. had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Total operating expenses 1,020,000 210,000 28,000 Required: Prepare a multiple-step income statement with earnings per share disclosure.(Amounts to be deducted should be indicated with a minus sign. Round Earnings per share answer to 2 decimal places.) Operating income Other income (expense): 38,000 148,000 Credits 1,700,000 78,000 48,000 0 0 2 The trial balance of Lakewood Inc. included the following accounts as of December 31, 2021 Sales revenue Interest revenue. Gain on sale of investments Cost of goods sold Selling expense Loss on inventory write-down Interest expense General and administrative expense Gross profit Operating expenses: LAKEWOOD INC. Income Statement For the Year Ended December 31, 2021 Debits Lakewood Inc. had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Total operating expenses 1,020,000 210,000 28,000 Required: Prepare a multiple-step income statement with earnings per share disclosure.(Amounts to be deducted should be indicated with a minus sign. Round Earnings per share answer to 2 decimal places.) Operating income Other income (expense): 38,000 148,000 Credits 1,700,000 78,000 48,000 0 0 2

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