(Learning Objective 1: Preparing and using a complex income statement) Outback

Cycles, Inc., reported a number of special items on its income statement. The following data, listed in no particular order, came from Outback’s financial statements (amounts in thousands):

Income tax expense (saving):

Net sales

13

Continuing operations

$610

Foreign currency translation adjustment

$13,800

Discontinued operations

50

Extraordinary loss

360

Extraordinary loss

(3)

Income from discontinued operations

270

Unrealized gain on available for sale investments

40

Dividends declared and paid

680

Short term investments

35

Total operating expenses

12,250

Required

Show how the Outback Cycles, Inc., income statement for the year ended September 30, 20X8 should appear. Omit earnings per share.