Question

The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018, included the following income accounts:

Account Title	Debits	Credits
Sales revenue		2,520,000
Cost of goods sold	1,500,000
Selling and administrative expenses	440,000
Interest expense	50,000
Unrealized holding gains on investment securities		90,000

The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 40%. 1.2 million shares of common stock were outstanding throughout 2018.

Required:
Prepare a single, continuous multiple-step statement of comprehensive income for 2018, including appropriate EPS disclosures. (Round EPS answer to 2 decimal places.)

	LINDOR CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2018 0    0 0 $0 Earnings per share:

Answer 1

LINDOR CORPORATION
Statement of Comprehensive Income
For the Year Ended December 31, 2018
Revenues
Sales revenue		2,520,000
Cost of goods sold		-1,500,000
Gross profit		1,020,000
Operating expenses:
Selling and administrative expenses	-440,000
Total Operating expenses		-440,000
Operating Profit		580,000
Other expenses:
Interest expense	-50,000
		-50,000
Profit before tax		530,000
Income tax expense (Net income x Tax rate= 530,000 x 40%)		-212,000
Net Income		$318,000
Unrealized holding gains on investment securities		90,000
Comprehensive income		$408,000
Earning per share { ( Comprehensive / Number of common shares) {( 408,000-1,200,000)		$          0.34

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