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With the information provided below please complete the income statement.

Given Data P04-06:
REMBRANDT PAINT COMPANY
Income statement items,
year ended 12/31/2011 ($ in thousands):
Net sales			$ 18,000
Interest income			200
Interest expense			350
Extraordinary gain			3,000
Cost of goods sold			10,500
Selling and administrative expenses			2,500
Restructuring costs			800
Loss from operations			$ 1,600,000
Gain on disposal of component's assets			$ 2,000,000
Shares of common stock outstanding in 2011			500,000
Income tax rate			30%

Rembrandt Paint Company
Income Statement
For Year Ended December 31, 2011
($ in millions, except per share amount)
Sales revenue
Gross profit
Operating expenses:
Selling and administrative
Restructuring costs
Operating income
Interest income (expense), net
Income from continuing operations before income taxes and extraordinary item
Income tax expense
Income from continuing operations before extraordinary item
Discontinued operations:
Income from operations of discontinued component
Income tax expense
Income on discontinued operations
Income before extraordinary item
Extraordinary gain
Net income
Earnings per share: (500 shares)
Income from continuing operations before extraordinary item
Income from discontinued operations
Extraordinary gain
Net income

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