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The following information was taken from the records of Cantu Inc, for the year 2012. Income tax applicable to income from continuing operations $261,800; income tax applicable to loss on discontinued operations $35,000; income tax applicable to extraordinary gain $45220; income tax applicable to extraordinary loss $28560; and unrealized holding gain on available-for-sale securities $21,000. Extraordinary gain $133,000; Cash dividends declared $210,000; loss on discontinued operations $105,000; Retained earnings Jan 1, 2012 are $840,000; Administrative expenses $336,000; Cost of Goods Sold $1,190,000; rent revenue $56,000; selling expenses $420,000; extraordinary loss $84,000; sales 2,660,000; Shares outstanding during 2012 were 100,000.

(a) Prepare a single step income statement for 2012.

(b) Prepare retained earnings statement for 2012.

(c) Show how comprehensive income is reported using the second income format. This question is similar to E 4-17b from intermediate accounting 15th edition by WIley except it asks slightly different thing

Reference no: EM13579629

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