The following is a partial trial balance for General Lighting Corporation as of December 31, 2011:

300,000 shares of common stock were outstanding throughout 2011. Income tax expense has not yet been accrued. The income tax rate is 40%.

Required:
1. Prepare a single-step income statement for 2011, including EPS disclosures.
2. Prepare a multiple-step income statement for 2011, including EPSdisclosures.

Debits | Credits 3,50,000 80,000 Account Title Sales revenue Rental revenue Loss on sale of investments Loss from flood damage (event is both 22,50 1,20,00 unusual and infrequent) Cost of goods sold Loss from write-down of inventory due to 12,00,30 2,00,00 obsolescence Salaries expense Depreciation expense Interest expense Rent expense 3,00,00 1,00,00 90,00 50,000