P10-24. Prepare an income statement (LO 1)
The Pops Corporation had the following for the year ended December 31, 2008.
| Sales | $s75,000 |
| Cost of goods sold | 230,000 |
| Interest income | 10,000 |
| Gain on sale of equipment | 9,000 |
| Selling and administrative expenses | 12,000 |
| Interest expense | 5,000 |
| Extraordinary gain | 15,000 |
| Loss from discontinued segment operations | (10,500) |
| Gain on disposal of discontinued segment | 28,000 |
Required
Assume the corporation is subject to a 30Vo tax rate. Prepare an income statement for the year ended December 31, 2008.
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