Prepare a multiple-step income statement

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Reference no: EM132706750

Question - Presented below is information related to Ivanhoe Corp., for the year 2020.

Net sales $4,290,000

Cost of goods sold 2,640,000

Selling expenses 209,000

Administrative expenses 154,000

Dividend revenue 66,000

Interest revenue 44,000

Interest expense 99,000

Write-off of goodwill due to impairment 165,000

Depreciation expense omitted in 2018 231,000

Dividends declared 264,000

Effect on prior years of change in accounting principle (credit) 484,000

Loss from operations of discontinued component of business 528,000

Gain from disposal of component of business 660,000

Federal tax rate of 30% on all items.

Required - Prepare a multiple-step income statement for 2020. Assume the 350,000 shares of common stock were outstanding during 2020.

Reference no: EM132706750

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