The following information was taken from the records of Gibson Inc. for the year 2012: income tax applicable to income from continuing operations $127,600; income tax applicable to loss on discontinued operations $31,500; income tax applicable to extraordinary gain $33,592; income tax applicable to extraordinary loss $21,726; and unrealized holding gain on available-for-sale securities $23,900.
| Extraordinary gain Don't use plagiarized sources. Get Your Custom Essay on acc423 the following information was taken from the records of gibson inc for the ye 491634 For $10/Page 0nly | $98,800 |
| Loss on discontinued operations | 75,700 |
| Administrative expenses | 245,900 |
| Rent revenue | 46,300 |
| Extraordinary loss | 63,900 |
| Cash dividends declared | 158,100 |
| Retained earnings January 1, 2012 | 600,800 |
| Cost of goods sold | 852,600 |
| Selling expenses | 304,500 |
| Sales | 1,719,600 |
| Shares outstanding during 2012 were | 100,800. |
a. Prepare a single-step income statement for 2012. (Round earnings per share to 2 decimal places, e.g. $1.48.)
b. Prepare a retained earnings statement for 2012.
c. Show how comprehensive income is reported using the income statement format
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