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Illustrate the combine single-step income

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Reference no: EM132833613

Question - The following information was taken from the records of Marigold Inc. for the year 2020:

Gain from expropriation $260,000

Cash dividends declared $230,000

Loss from operation of discontinued Rochelle Division 234,000

Retained earnings, January 1, 2020 1,950,000

Administrative expenses 780,000

Cost of goods sold 2,700,000

Rent revenue 100,000

Selling expenses 975,000

Loss from flood damage 200,000

Sales revenue 5,600,000

The following additional information was also available: income tax applicable to income from continuing operations, $466,000; income tax recovery applicable to loss from operation of discontinued Rochelle Division, $50,000.

The company has elected to adopt ASPE.

Show the single-step income statement for 2020, showing expenses by function?

Illustrate the combine single-step income and retained earnings statement.

Reference no: EM132833613

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