Reference no: EM133176817

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.