Reference no: EM132756265
Question - Apple Inc. has the following information available for years ending December 31, 2020, 2019, and 2018:
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2020
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2019
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2018
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Revenues
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$20,000,000
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$28,000,000
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$26,000,000
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Additional Information:
During the year ended December 31, 2018, the company had one of its operations destroyed by a flood. The area where this operation was located had not flooded in over 100 years. The company incurred a before-tax loss of $300,000 as a result of this event.
On February 1, 2019, the company sold an operating segment of the company for $2,400,000 more than the segment's book value. This segment constituted a separate major line of business for Company A. The segment had revenues of $3,000,000 for 2019 and $2,600,000 for 2018. Cost of goods sold was $750,000 in 2019 and $600,000 in 2018. Operating expenses were $700,000 in 2019 and $550,000 in 2018.
In 2019, the company changed their method of depreciating most of their fixed assets from double-declining balance to straight-line. This change resulted in a decrease in depreciation expense of $220,000 for 2019. 2018 depreciation expense would have been decreased of $280,000 if straight-line had been used. Depreciation for years prior to 2018 would have been decreased by a total of $1,600,000 if straight-line had been used in those years.
The company had a tax rate of 20% for all years. Assume no deferred taxes.
Required - Prepare, in good form, the Income Statement for year ended December 31, 2020 with the two prior years shown for comparative purposes. Include all earnings per share amounts required to be reported in the financial statements on the face of the comparative Income Statement.
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