Business, 21.02.2020 18:02 Maddy8368

The following information was taken from the records of Blue Inc. for the year 2020: Income tax applicable to income from continuing operations $228,140; income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for-sale securities (net of tax) $18,300. Gain on sale of equipment $115,900 Cash dividends declared $183,000 Loss on discontinued operations 91,500 Retained earnings January 1, 2020 3,000,000 Administrative expenses 292,800 Cost of goods sold 1,037,000 Rent revenue 48,800 Selling expenses 366,000 Loss on write-down of inventory 73,200 Sales Revenue 2,318,000 Shares outstanding during 2020 were 100,000. (a)

Prepare a single-step income statement.
Prepare a comprehensive income statement for 2020, using the two statement format.
Prepare a retained earnings statement for 2020.

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The following information was taken from the records of Blue Inc. for the year 2020: Income tax appl...

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