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The following information was taken from the records of Gibson Inc. for the year 2012
The following information was taken from the records of Gibson Inc. for the year 2012: income tax applicable to income from continuing operations $123,600; income tax applicable to loss on discontinued operations $34,600; income tax applicable to extraordinary gain $32,470; income tax applicable to extraordinary loss $22,338; and unrealized holding gain on available-for-sale securities $15,500.
Extraordinary gain $95,500 Cash dividends declared $157,200 Loss on discontinued operations 79,100 Retained earnings January 1, 2012 609,200 Administrative expenses 245,800 Cost of goods sold 854,700 Rent revenue 50,000 Selling expenses 309,700 Extraordinary loss 65,700 Sales Revenue 1,715,900 Shares outstanding during 2012 were 100,800. (a) Prepare a single-step income statement for 2012. |
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