The following information was taken from the records of Gibson Inc. for the year 2012: income tax applicable to income from continuing operations $127,600; income tax applicable to loss on discontinued operations $31,500; income tax applicable to extraordinary gain $33,592; income tax applicable to extraordinary loss $21,726; and unrealized holding gain on available-for-sale securities $23,900.
|
Extraordinary gain |
$98,800 |
|
Loss on discontinued operations |
75,700 |
|
Administrative expenses |
245,900 |
|
Rent revenue |
46,300 |
|
Extraordinary loss |
63,900 |
|
Cash dividends declared |
158,100 |
|
Retained earnings January 1, 2012 |
600,800 |
|
Cost of goods sold |
852,600 |
|
Selling expenses |
304,500 |
|
Sales |
1,719,600 |
|
Shares outstanding during 2012 were |
100,800. |
a. Prepare a single-step income statement for 2012. (Round earnings per share to 2 decimal places, e.g. $1.48.)
b. Prepare a retained earnings statement for 2012.
c. Show how comprehensive income is reported using the income statement format