Reference no: EM132954320

On december 31, 2019, Opgenorth company listed the following items in its adjusted triual balance:

Loss from fire (pretax) $8,000

General and administrative expenses $17,000

Interest revenue 2,500

Sales $160,000

Selling expenses 14,000

Unrealized decrease in fair value of available for sale securities 1,800

Cost of goods sold 95,000

Loss on sale of equipment (pretax) 2,000

Additional data:

• seven thousand shares of common stock have been outstanding the entire year.
• the income tax rate is 30% on all items of income.

Problem 1: Prepare a 2019 single step income statement.