Preparation of multi-step income statement

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Reference no: EM1314236

Preparation of Multi-step Income statement.

A partial trial balance for Franklin Enterprises at December 31, 2009 included the following:

Sales revenue


Loss on sale of equipment


Interest revenue


Interest expense


Loss on expropriated assets


Cost of goods sold


Salaries expense


Depreciation expense


Write-off of obsolete inventory


Rent expense


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.

Reference no: EM1314236

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