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The following information was taken from the records of Bridgeport Inc. for the year 2017: Income...

The following information was taken from the records of Bridgeport Inc. for the year 2017: Income tax applicable to income from continuing operations $206,448; income tax applicable to loss on discontinued operations $27,336, and unrealized holding gain on available-for-sale securities (net of tax) $23,700.

Gain on sale of equipment

$97,700

Cash dividends declared

$139,500

Loss on discontinued operations

80,400

Retained earnings January 1, 2017

611,500

Administrative expenses

244,100

Cost of goods sold

933,800

Rent revenue

44,200

Selling expenses

277,800

Loss on write-down of inventory

60,600

Sales Revenue

1,981,600


Shares outstanding during 2017 were 109,300.

(a) Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.)

b) prepare a comprehensive income statement for 2017, using the two statement format.

c) prepare a retained earnings statement, or 2017.

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Expert Solution


ekkarill92 answered 1 year ago
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