The events and transactions of Dever Corporation for the year ending December 31, 2010, resulted in these data.
|
Cost of goods sold |
$2,600,000 |
|
Net sales |
4,400,000 |
|
Other expenses and losses |
9,600 |
|
Other revenues and gains |
5,600 |
|
Selling and administrative expenses |
1,100,000 |
|
Gain from discontinued division |
570,000 |
|
Loss from tornado disaster (extraordinary loss) |
600,000 |
Analysis reveals the following.
1. All items are before the applicable income tax rate of 30%.
2. The plastics division was sold on July 1.
Instructions
Prepare an income statement for the year.