Preparing a corporate income statement  RAR Corporation’s accounting records include the following items, listed in no particular order, at December 31, 2012:

Other gains (losses)

$ (15,000)

Extraordinary loss

$7,000

Net sales revenue

177,000

Cost of goods sold

73,000

Gain on discontinued operations

12,000

Operating expenses

55,000

Accounts receivable

21,000

 

 

Income tax of 30% applies to all items.

Requirement

1. Prepare RAR’s income statement for the year ended December 31, 2012. Omit earnings per share.