Question

The following information was taken from the records of Roland Carlson Inc. for the year 2014: income tax applicable to income from continuing operations $187,000, income tax applicable to loss on discontinued operations $25, 500, and unrealized holding gain on available-for-sale securities $15,000. Gain on sale of equipment $ 95,000 Cash dividends declared $ 150,000 Loss on discontinued operations 75,000 Retained earnings January 1, 2014 600,000 Administrative expenses 240,000 Cost of goods sold 850,000 Rent revenue 40,000 Selling expenses 300,000 Loss on write-down of inventory 60,000 Sales revenue 1, 900,000 Shares outstanding during 2014 were 100,000. Prepare a single-step income statement. Prepare a comprehensive income statement for 2014, using the two statement format. Prepare a retained earnings statement for 2014

 

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