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Question - The ledger of Ivanhoe Corporation at November 30, 2021, contains the following summary data:
Cash dividends-common
$67,000
Operating expenses
$1,114,000
Cash dividends-preferred
25,000
Other comprehensive income-loss on equity investments (before income tax)
84,000
Common shares
322,000
Rent revenue
52,000
Cost of goods sold
7,320,000
Preferred shares ($5 noncumulative)
394,000
Depreciation expense
354,000
Retained earnings, December 1, 2020
745,000
Sales
9,024,000
Your analysis reveals the following additional information:
1. The company has a 25% income tax rate.
2. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $17,800 before income tax. The division was sold at a loss of $77,000 before income tax.
3. There were 200,000 common and 5,000 preferred shares issued on December 1, 2020, with no changes during the year.
Required - Make a multiple-step income statement for the year.
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