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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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please answer within the format by providing formula the detailed working
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
Transcribed Image Text:Rembrandt Paint Company had the following income statement items for the year ended December 31, 2024 ($ in thousands):
Cost of goods sold
Sales revenue
Interest revenue
Interest expense
160 Selling and administrative expense
360 Restructuring costs
$ 12,000
2,800
1,100
$ 21,000
In addition, during the year, the company completed the disposal of its plastics business and incurred a loss from operations of $1.9
million and a gain on disposal of the component's assets of $2.6 million. There were 600,000 shares of common stock outstanding
throughout 2024. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss).
Required:
Prepare a multiple-step income statement for 2024, including EPS disclosures.
Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share.
Round EPS answers to 2 decimal places.
Expert Solution
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