Exercise 4-3 Income statement format; single step and multiple step [LO4-1, 4-3, 4-5] The following...
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Exercise 4-3 Income statement format; single step and multiple step [LO4-1, 4-3, 4-5] The following is a partial trial balance for General Lighting Corporation as of December 31, 2018 Debits Account Title Sales revenue Interest revenue Loss on sale of investment:s Credits 3,350,000 100,000 32,500 1,390,000 400,000 500,000 250,000 99,000 Cost of goods sold Loss from write-down of inventory due to obsolescence Selling expenses General and administrative expenses Interest expense 00,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax rate is 40% Required 1. Prepare a single-step income statement for 2018, including EPS disclosures 2. Prepare a multiple-step income statement for 2018, including EPS disclosures. Complete this question by entering your answers in the tabs below Required 1 Required 2 Prepare a single-step income statement for 2018, including EPS disclosures. (Round EPS answer to 2 decimal places.) GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2018
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