Reference no: EM132820519
Question - The following information is taken from the accounting records of Sunland Corporation, a Canadian public company, for the year ended December 31, 2020.
Accounts receivable $88,000
Retained earnings, January 1, 2020 $252,000
Loss on operation of discontinued operations (before tax) $102,500
Sales revenue $1,221,000
Cost of goods sold $722,500
Selling expenses $129,500
Cash $71,000
Common shares (21,000 common shares outstanding) $210,000
Dividend revenue $17,800
Inventory $125,000
Unearned revenue $3,900
Land $380,000
Interest expense $17,500
Administrative expenses $154,000
Notes payable (maturity 2026) $190,000
Accounts payable $70,000
Gain on disposal of discontinued operations (before tax) $154,000
Depreciation expense $53,000
Loss on disposal of equipment (before tax) $11,000
Sunland Corporation is subject to a 25% income tax rate.
Required - Prepare multiple-step income statement in good form for Sunland Corporation (earnings per share information is not required).