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A combined statement of income and retained earnings for Bridgeport Ltd. for the year ended...

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Accounting

A combined statement of income and retained earnings for Bridgeport Ltd. for the year ended December 31,2023, follows. (As a private company, Bridgeport has elected to follow ASPE.) Also presented are three unrelated situations involving accounting changes and the classification of certain items as ordinary or unusual. Each situation is based on the combined statement of income and retained earnings of Bridgeport.
Bridgeport Ltd.
Combined Statement of income and Retained Earnings For the Year Ended December 31,2023
Sales revenue
Cost of goods sold
Grossprofit
Selling, general, and income before incon Income tax expense
Income before unusual item
Loss from tornado (net of taxes)
Net income
Retained earnings, January 1
Retained earnings, December 31
$5,520,000
2,840,0002,680,000
1,890,000790,000
276,500513,500
333.775
179,725
693,225
$,872,950
For each of the three unrelated situations, prepare a revised combined statement of income and retained earnings for Bridgeport. The company has a 35% income tax rate.
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