Reference no: EM132821561

Question 1: Create an income statement using the following data for Land O' Lark Corporation for the year ended December 31, 2018:

Sales $24,500,000
Cost of merchandise sold 10,900,000
Operating expenses 6,300,000
Losses from asset impairment 2,800,000
Income tax expense 40%
Loss on discontinued operations (before taxes) 500,000
Income from sale of discontinued segment (before taxes) 200,000
Dividend Income from investments 125,000
Interest on loan taken 60,000
Common stock outstanding ($2 par) 400,000
Authorised share capital ($2 par) 1,000,000