Reference no: EM133037222
Question - The trial balance of Kroeger Inc. included the following accounts as of December 31, 2021:
Debits Credits
Sales revenue 8,320,000
Interest revenue 58,000
Gain on sale of investments 118,000
Gain on debt securities 139,000
Loss on projected benefit obligation158,000
Cost of goods sold 6,122,000
Selling expense 720,000
Goodwill impairment loss 510,000
Interest expense 28,000
General and administrative expense 480,000
The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%.
Required - Prepare a 2021 multiple-step income statement for Kroeger Inc. with earnings per share disclosure.
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