Preparing a Multiple- Step Income Statement and a Retained Earnings Statement The following pretax amounts are taken from the accounts of J\&J Inc. at December 31 , its current annual year-end. Assume an average 25% tax rate on all items. a. Prepare a multiple-step income statement, including intraperiod income tax allocation and EPS disclosure. Note: Use a negative sign only for an expense or loss item included in the section Other Revenues (Expenses). Note : Enter the answer for earnings per share in dollars and cents, rounded to the nearest penny. b. Determine the December 31 balance in retained earnings
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