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Presented below is information related to Emmit Corporation for 2015.
Sales Revenue
$3,400,000
Rent Revenue
600,000
Interest Revenue
25,000
Gain on Sale of Land
10,000
Loss on Disposal of Equipment
15,000
Loss from Sale of Electronics Division (before tax)
40,000
Cost of Goods Sold
3,100,000
Selling and Administrative Expenses
60,000
Dividend
20,000
Utilities Expenses
Electronics division is a separately identifiable division of Emmit. Emmit's tax rate is 35%. Prepare a multiple-step income statement for 2015. Include a proper heading (Emmit's fiscal year ends on December 31).
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