P10-24. Prepare an income statement (LO 1)
The Pops Corporation had the following for the year ended December 31, 2008.
|
Sales |
$s75,000 |
|
Cost of goods sold |
230,000 |
|
Interest income |
10,000 |
|
Gain on sale of equipment |
9,000 |
|
Selling and administrative expenses |
12,000 |
|
Interest expense |
5,000 |
|
Extraordinary gain |
15,000 |
|
Loss from discontinued segment operations |
(10,500) |
|
Gain on disposal of discontinued segment |
28,000 |
Required
Assume the corporation is subject to a 30Vo tax rate. Prepare an income statement for the year ended December 31, 2008.