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problem: The following data was taken from the records of Roland Carlson Company, for the year 2007. 

Income tax applicable to income from continuing operations $187,000;
Income tax applicable to loss on discontinued operations $25,500;
Income tax applicable to extraordinary gain $32,300;
Income tax applicable to extraordinary 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


Retained earnings January 1,2007


Administrative expenses


Cost of goods sold


Rent revenue


Selling expenses


Extraordinary loss




Shares outstanding during 2007 were 100,000.

make a single-step income statement for 2007.

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  • Category:- Cost Accounting
  • Reference No.:- M922593

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