Preparation of Multi-step Income statement.
A partial trial balance for Franklin Enterprises at December 31, 2009 included the following:
|
Sales revenue
|
$1,850,000
|
|
Loss on sale of equipment
|
30,000
|
|
Interest revenue
|
80,000
|
|
Interest expense
|
20,000
|
|
Loss on expropriated assets
|
150,000
|
|
Cost of goods sold
|
1,100,000
|
|
Salaries expense
|
240,000
|
|
Depreciation expense
|
150,000
|
|
Write-off of obsolete inventory
|
10,000
|
|
Rent expense
|
50,000
|
Franklin Enterprises has 50,000 shares of stock issued and outstanding and during 2009, was subject to a 35% federal income tax rate.
Required: Using the information provided, prepare a multi-step income statement for the year ended December 31, 2009 in proper format including earnings per share disclosure.