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Problem - Income Statement and Basic EPS Mantego Company listed the following selected pretax items as of December 31, 2019:
Debit
Credit
Preferred stock, 8%, $100 par, nonconvertible
$ 60,000
Common stock, $5 par
90,000
Sales
206,000
Cost of goods sold
$131,000
Gain on disposal of discontinued Division B
8,000
Operating expenses
19,250
Loss from operations of discontinued Division B
20,000
Additional information:
The preferred shares had been outstanding the entire year; annual dividends were declared and paid in 2019. During 2019, 2,000 common shares were issued on July 2, and 6,000 common shares were issued on November 3. Common dividends of $12,500 were declared and paid in 2019. The company is subject to a 30% income tax rate.
Required - Prepare Mantego's 2019 income statement (multiple-step) and the related note.
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