Below is the income statement for Irwin Inc. in a single-step
format.
Irwin Inc
Income Statement
For the Year Ended December 31, 2019
Sales
2,950,000
Rent Income
13,560
2,963,560
Costs and Expenses:
Cost of Sales
2,265,120
Selling and Administrative Expenses
322,000
Interest Expense
46,589.00
Loss on the Sale of Plant Assets
14,950.00
2,648,659
Income Before Taxes
314,901.00
Income Taxes
111,555.00
Net Income
203,346.00
Earnings per Share
$ 7.30
Required:
1.
Construct multiple-step format...