Preparing a corporate income statement of TST Corporation

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Reference no: EM131820597

Question: Reporting earnings per share Return to the TST data in Short Exercise. TST had 8,000 shares of common stock outstanding during 2016. TST declared and paid preferred dividends of $4,000 during 2016. Show how TST reports EPS data on its 2016 income statement.

Exercise: Preparing a corporate income statement TST Corporation's accounting records include the following items, listed in no particular order, at December 31, 2016:

The income tax rate for TST Corporation is 50%. Prepare TST's income statement for the year ended December 31, 2016. Omit earnings per share. Use the multi-step format.

Reference no: EM131820597

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