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  3. problem 4. (36%) shown below is an income statemen

Problem 4. (36%) Shown below is an income statement for 2018 that was prepared by...

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Accounting

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Problem 4. (36%) Shown below is an income statement for 2018 that was prepared by a poorly trained bookkeeper of Howell Corporation. Howell Corporation INCOME STATEMENT December 31,2018 Sales revenue Interest revenue Cost of merchandise sold Selling expenses $895,000 19,500 (408,500) (145,000) , Administrative expense (215,000) (13,000) 133,000 Interest expense VIncome before special item Special item Income from discontinued electronics division Loss on disposal of a component of the business 20,000 (40,000) 39.550) 23.45 v Net income tax liability / Net income Instructions: Prepare an income statement for 2018 for Howell Corporation that is accordance with IFRS (including format and terminology). Howell Corporation has 50,000 Ordinary shares outstanding and has a 30% income tax rate on all tax related items. The company declared and paid dividends to 2,000, 5% preference shares, $100 par. Round all earnings per share figures to the nearest cent. presented in

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