Question - 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.

Extraordinary gain $ 95,000

Loss on discontinued operations 75,000

Administrative expenses 240,000

Rent revenue 40,000

Extraordinary loss 60,000

Cash dividends declared $ 150,000

Retained earnings January 1, 2010 600,000

Cost of goods sold 850,000

Selling expenses 300,000

Sales 1,700,000

Shares outstanding during 2010 were 100,000.

Instructions -

Prepare a single-step income statement for 2010.

Prepare a retained earnings statement for 2010.

Show how comprehensive income is reported using the second income statement format.