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Prepare a multiple-step income statement

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Reference no: EM132898848

The following information is related to Waterway Company for 2020.

Retained earnings balance, January 1, 2020 $1,234,800

Sales Revenue 31,500,000

Cost of goods sold 20,160,000

Interest revenue 88,200

Selling and administrative expenses 5,922,000

Write-off of goodwill 1,033,200

Income taxes for 2020 1,567,440

Gain on the sale of investments 138,600

Loss due to flood damage 491,400

Loss on the disposition of the wholesale division (net of tax) 554,400

Loss on operations of the wholesale division (net of tax) 113,400

Dividends declared on common stock 315,000

Dividends declared on preferred stock 100,800

Waterway Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Waterway sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.

Problem 1: Prepare a multiple-step income statement.

Reference no: EM132898848

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