The following information was taken from the records of Gibson Inc. for the year 2012: income tax applicable to income from continuing operations $127,600; income tax applicable to loss on discontinued operations $31,500; income tax applicable to extraordinary gain $33,592; income tax applicable to extraordinary loss $21,726; and unrealized holding gain on available-for-sale securities $23,900.
Loss on discontinued operations
Cash dividends declared
Retained earnings January 1, 2012
Cost of goods sold
Shares outstanding during 2012 were
a. Prepare a single-step income statement for 2012. (Round earnings per share to 2 decimal places, e.g. $1.48.)
b. Prepare a retained earnings statement for 2012.
c. Show how comprehensive income is reported using the income statement format