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Porter Corporation's capital structure consists of 50,000 shares of common stock. At December 31. 2010 an analysis of the accounts and discussions with company officials revealed the following information:
Sales
$1,100,000
Purchase discounts
18,000
Purchases
642,000
Earthquake loss (net of tax) (extraordinary item)
42,000
Selling expenses
128,000
Cash
60,000
Accounts receivable
90,000
Common stock
200,000
Accumulated depreciation
180,000
'Dividend revenue
8,000
Inventory, January 1, 2010
152,000
Inventory, December 31, 2010
125,000
Unearned service revenue
4,400
Accrued interest payable
1,000
1.aml
370,000
Patents
100,000
Retained earnings, January 1, 2010
290,000
Interest expense
17,000
General and administrative expenses
150,000
Dividends declared
29,000
Allowance for doubtful accounts
5,000
Notes payable (maturity 7/1113)
Machinery and equipment
450,000
/Materials and supplies
40,000
Accounts payable
The amount of income taxes applicable to ordinary income was $48,600, excluding the tax effect of the earthquake loss which amounted to $18,000.
Instructions
(a) Prepare a multiplc-step income statement.
(b) Prepare a retained earnings statement.
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