Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016 ($...

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Rembrandt PaintCompany had the following income statement items for the year endedDecember 31, 2016 ($ in 000s):

  Netsales $ 20,000   Costof goods sold $ 11,500
  Interest income 220   Selling and administrative expenses 2,700
  Interest expense 390   Restructuring costs 1,000
      In addition, during the yearthe company completed the disposal of its plastics business andincurred a loss from operations of $1.8 million and a gain ondisposal of the component’s assets of $2.4 million. 600,000 sharesof common stock were outstanding throughout 2016. Income taxexpense has not yet been recorded. The income tax rate is 40% onall items of income (loss).
Required:
Prepare amultiple-step income statement for 2016, including EPS disclosures.(Amounts to be deducted should be indicated with aminus sign. Enter your answers in thousands except earnings pershare. Round EPS answers to 2decimal places.)

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Rembrandt Paint Company Income Statement For the Year Ended December 31 2016 in thousands except per share amounts Sales revenue 20000 Cost of goods sold 11500 Gross Profit 8500 Operating Expenses Selling and See Answer

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Netsales	$	20,000	Costof goods sold	$	11,500
Interest income		220	Selling and administrative expenses		2,700
Interest expense		390	Restructuring costs		1,000