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E4-16 (Various Reporting Format) The following information was taken from the records of Gibson Inc. for the year 2012. Income tax applicable to...

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E4-16 (Various Reporting Format) The following information was taken from the records of Gibson Inc. for the year 2012. Income tax applicable to income from continuing operations $119,000; income tax applicable to loss on discontinued operations $25,500; income tax applicable to extraordinary gain $32,300; income tax applicable to extraordinary loss $20,400; and unrealized holding gain on available-for-sale securities $15,000. Extraordinary gain $95,000 Cash dividends declared $150,000 Loss on discontinued operations 75,000 Retained earnings, January 1, 2012 600,000 Administrative expenses 240,000 Cost of goods sold 850,000 Rent revenue 40,000 Selling expenses 300,000 Extraordinary loss 60,000 Sales 1,700,000 Shares outstanding during 2012 were 100,000. (a) Prepare a single-step income statement for 2012. (b) Prepare a retained earnings statement for 2012. (c) Show how comprehensive income is reported using the second income statement format
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E4­16 (Various Reporting Format)
The following information was taken from the records of Gibson Inc. for the year 2012. Income tax applicable to income from continuing operations $119,000; income...

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