The accounts of Consolidated Can contain the following amounts at December 31, 2008:
|
Cost of products sold |
410000 |
|
Dividends |
3000 |
|
Extraordinary gain (net of tax) |
1,000 |
|
Income taxes |
9,300 |
|
Interest expense |
8,700 |
|
Other income |
1,600 |
|
Retained earnings, |
270,000 |
|
Sales |
480,000 |
|
Selling and administrative expense |
42,000 |
Required:
Prepare a multiple-step income statement combined with a reconciliation of retained earnings for the year ended December 31, 2008.