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E4-16 Gibson Inc. for the year 2010

Price: $2.50


E4-16 (Various Reporting Formats) The following information was taken from the records of Gibson Inc. for the year 2010. Income tax applicable to income from continuing operations $119,000; income tax applicable to loss on discontinued operations $25,500; income tax applicable to extraordinary gain $32,300; income tax applicable to extraordinary loss $20,400; and unrealized holding gain on available-for-sale securities $15,000.


Rental revenue  29,000
Interest expense  18,000
Market appreciation on land above cost  31,000
Wages and salaries- Sales  114,800
Materials and supplies - sales  17,600
Income tax  30,600
Wages and salaries - administrative  135,900
Other adminstrative expenses  51,700
Cost of goods sold  516,000
Net sales 980,000

Shares outstanding during 2010 were 100,000.

Instructions
(a) Prepare a single-step income statement for 2010.
(b) Prepare a retained earnings statement for 2010.

(c) Show how comprehensive income is reported using the second income statement format

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