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6

The following information was taken from the records of Sheridan Inc. for the year 2020: Income tax

applicable to income from continuing operations $172,040; income tax applicable to loss on discontinued operations $23,460, and unrealized holding gain on available-for-sale securities (net of tax) $13,800. More information provided in attachment...


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Shares outstanding during 2020 were 100,000.

How do I fix this Income Statement?

Screen Shot 2020-02-10 at 6.56.26 PM.png

Screen Shot 2020-02-10 at 6.56.26 PM.png

Screen Shot 2020-02-10 at 6.57.06 PM.png

Gain on sale of equipment
$87.400
Cash dividends declared
$138.000
Loss on discontinued operations
69 000
Retained earnings January 1, 2020 1,200.000
Administrative expenses
220.800
Cost of goods sold
782 000
Rent revenue
36.800
Selling expenses
276.000
Loss on write-down of inventory
55.200
Sales Revenue
1,748.000
Shares outstanding during 2020 were 100,000.

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