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(Multiple-Step Statement with Retained Earnings) Presented below is information related to Brokaw Corp. for the year 2012.
Net sales
$1,200,000
Write-off of inventory due to obsolescence
$ 80,000
Cost of goods sold
780,000
Depreciation expense omitted by accident in 2011
40,000
Selling expenses
65,000
Casualty loss (extraordinary item) before taxes
50,000
Administrative expenses
48,000
Cash dividends declared
45,000
Dividend revenue
20,000
Retained earnings at December 31, 2011
980,000
Interest revenue
7,000
Effective tax rate of 34% on all items
Instructions
(a) Prepare a multiple-step income statement for 2012. Assume that 60,000 shares of common stock are outstanding.
(b) Prepare a retained earnings statement for 2012.
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