You may use the attached spreadsheet to help you complete this activity, but you are not required to do so. You will find the spreadsheet by clicking on the green Excel icon in the upper left hand corner of the activity. Simple Income Statement

The following are selected items derived from Dibb Company's adjusted trial balance on December 31, 2016:

Loss on sale of land	$4,500
Cost of goods sold	$124,000
Sales (net)	$210,800
Operating expenses	$45,100

12,000 shares of common stock were outstanding the entire year.

Required:

Assuming a 30% income tax rate on all items of income, prepare a 2016 income statement for Dibb's Company using a multiple-step format. Round earnings per share computations to two decimal places.

Assuming a 30% income tax rate on all items of income, prepare a 2016 income statement for Dibb's Company using a single-step format. Round earnings per share computations to two decimal places.

DIBB Company Income Statement (Multiple-Step) For Year Ended December 31, 2016 Sales (net) Cost of goods sold Gross profit Operating expenses Operating income Other items Loss on sale of land Income before income tax Income tax expense Operating expenses Components of Income EPS Net income 40 DIBB Company Income Statement (Single-Step) For Year Ended December 31, 2016 Revenues Expenses Total expenses Components of Income EPS