Reference no: EM131578360

Question - Pono Paint Company has the following income statement items for the year ended December 31, 2014 ($ in 000s):

Net Sales                                         $20,000

Interest Income                                200

Interest expense                               300

Extraordinary gain                             3,000

Cost of goods sold                             11,200

Selling and admin expenses                3,300

Restructuring costs                             600

In addition, during the year the company completed the disposal of its aluminum business and they incurred a loss from operations of $1.5 million and a gain on disposal of assets of $2.3 million. 500,000 shares of common stock were outstanding throughout 2014. Income tax expense has not yet been accrued. The income tax rate of all items of income is 30%.

Prepare a multi-step income statement for 2014.