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E416 (Various Reporting Formats) The following information was taken from the records of Gibson Inc. for the year 2010. Income tax applicable to...

E4-16 (a) Prepare a single-step income statement for 2010.

E4-16  (Various Reporting Formats)  The following  information was taken from the records of Gibson Inc.  for the year 2010. 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. $ 95,000 Cash dividends declared Loss on discontinued operations 75,000 Retained earnings January 1, 2010 240,000 Cost of goods sold 40,000 Selling expenses 60,000 Sales Shares outstanding during 2010 were 100,000.
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