The following items are from Taper line Corporation on December 31, 2000. Assume a flat 40% corporate tax rate on all items, including the casualty loss.
| Sales Don't use plagiarized sources. Get Your Custom Essay on the following items are from taper line corporation on december 31 2000 assume a fla 544258 For $10/Page 0nly | $670,000 |
| Rental income | 3,600 |
| Gain on the sale of fixed assets | 3,000 |
| General and administrative expenses | 110,000 |
| Selling expenses | 97,000 |
| Interest expense | 1,900 |
| Depreciation for the period | 10,000 |
| Extraordinary item (casualty loss—pretax) | 30,000 |
| Cost of sales | 300,000 |
| Common stock (30,000 shares outstanding) | 150,000 |
Required
a. Prepared a single-step income statement for the year ended December 31, 2000. Include earnings per share for earnings before extraordinary items and net income.
b. Prepare a multiple-step income statement. Include earnings per share for earnings before extraordinary items and net income.
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