Problem
Presented below is information and account balances (in alpha order) related to Rutigliano Corporation at December 31st of the current year, the end of its first year of operations.
Cost of goods sold $ 363,000
Dividends declared and paid 10,000
Income attributable to noncontrolling interest 4,000
Income related to discontinued operations (pretax) 25,000
Interest expense 31,500
Loss on sale of investments 5,000
Sales revenue 536,000
Selling and administrative expenses 110,500
Required: Prepare a multiple step income statement in good form. Assume a 30% tax rate.