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  3. this is an income statement of abc coop. in a sing

This is an income statement of ABC coop. in a single-step format. ...

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Accounting

This is an income statement of ABC coop. in a single-step format.

ABC coop.

Income Statement

For the Year Ended December 31, 2015

Sales

2,950,000

Rent Income

13,560

2,963,560

Costs and Expenses:

Cost of Sales

2,265,120

Selling and Administrative Expenses

322,000

Interest Expense

46,589.00

Loss on the Sale of Plant Assets

14,950.00

2,756,000

Income Before Taxes

$ 258,000

Income Taxes

111,555.00

Net Income

$ 146,000

Earnings per Share

$ 7.30

Required:

1.

Construct multiple-step format income statement.

2.

Recalculate the net income, but with the unusual loss.

3.

Why do you think the unusual loss is not considered extraordinary or a disposal of a segment?

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