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  3. the following information was taken from the recor

The following information was taken from the records of Roland Carlson Inc. for the year...

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Accounting

The following information was taken from the records of Roland Carlson Inc. for the year 2020: Income tax applicable to income from continuing operations $ 187,000; income tax applicable to loss on discontinued operations $ 25,500, and unrealized holding gain on available-for-sale securities (net of tax) $ 15,000.

Gain on sale of equipment $ 95,000 Cash dividends declared $ 150,000
Loss on discontinued operations 75,000 Retained earnings January 1, 2020 600,000
Administrative expenses 240,000 Cost of goods sold 850,000
Rent revenue 40,000 Selling expenses 300,000
Loss on write-down of inventory 60,000 Sales Revenue 1,900,000

Shares outstanding during 2020 were 100,000.

(A) Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places)

(B) Prepare a comprehensive income statement for 2020, using the two statement format.

(C) Prepare a retained earnings statement for 2020. (List items that increase retained earnings first.)

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