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.