The following information was taken from the records of Gibson Inc. for the year 2012: income tax applicable to income from continuing operations $119,000; income tax applicable to loss on discontinued operations $25,500; income tax applicable to extraordinary gain $32,300; income tax applicable to extraordinary loss $20,400; and unrealized holding gain on available-for-sale securities $15,000.

Shares outstanding during 2012 were 100,000.Instructions(a) Prepare a single-step income statement for 2012.(b) Prepare a retained earnings statement for 2012.(c) Show how comprehensive income is reported using the second income statementformat.

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Extraordinary gain Loss on discontinued operations Administrative expenses Cash dividends declared Retained earnings January 1, 2012 $ 150,000 600,000 $ 95,000 75,000 240,000 40,000 60,000 Cost of goods sold Selling expenses Sales revenue 850,000 300,000 1,700,000 Rent revenue Extraordinary loss