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Preparation of Multi-step Income statement.
A partial trial balance for Franklin Enterprises at December 31, 2009 included the following:
Loss on sale of equipment
Loss on expropriated assets
Cost of goods sold
Write-off of obsolete inventory
Franklin Enterprises has 50,000 shares of stock issued and outstanding and during 2009, was subject to a 35% federal income tax rate.
Required: Using the information provided, prepare a multi-step income statement for the year ended December 31, 2009 in proper format including earnings per share disclosure.
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