The following information was taken from the records of Blue Inc. for the year 2017: Income tax applicable to income from continuing operations $188,564; income tax applicable to loss on discontinued operations $26,588, and unrealized holding gain on available-for-sale securities (net of tax) $16,100.
Gain on sale of equipment
$98,500 Cash dividends declared $158,500
Loss on discontinued operations 78,200 Retained earnings January 1, 2017 651,700
Administrative expenses 244,000 Cost of goods sold 813,100
Rent revenue 45,400 Selling expenses 327,700
Loss on write-down of inventory
65,800 Sales Revenue 1,861,300
Shares outstanding during 2017 were 94,500.
Prepare a single-step income statement.
Prepare a comprehensive income statement for 2017, using the two statement format.
Prepare a retained earnings statement for 2017