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How do fix the income statements

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Question 1: The following information was taken from the records of Sheridan Inc. for the year 2020: Income tax applicable to income from continuing operations $172,040; income tax applicable to loss on discontinued operations $23,460, and unrealized holding gain on available-for-sale securities (net of tax) $13,800.

Gain on sale of equipment                                   $87.400          Cash dividends declared                                     $138.000

Loss on discontinued operations                           69 000            Retained earnings January 1, 2020                      1,200.000

Administrative expenses                                      220.800          Cost of goods sold                                            782 000

Rent revenue                                                     36.800            Selling expenses                                               276.000

Loss on write-down of inventory                           55.200             Sales Revenue                                                 1,748.000

Shares outstanding during 2020 were 100,000.

Point 1: Shares outstanding during 2020 were 100,000.

Question 1: How do I fix this Income Statement?

Reference no: EM132459222

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