Corporate Income Statement
Business appliCation
Components of Van Corporation's income statement for the year ended December 31, 2014 follow. Recast the income statement in multi- step form, including allocating income taxes to appropriate items (assume a 30 percent income tax rate) and showing earnings per share figures (200,000 shares outstanding). (Round earnings per share figures to the nearest cent.)
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Sales
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$1,110,000
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Cost of goods sold
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(550,000)
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Operating expenses
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(225,000)
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Restructuring
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(110,000)
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Total income taxes expense for period
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(179,100)
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Income from discontinued operations
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160,000
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Gain on disposal of discontinued operations
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140,000
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Extraordinary gain
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72,000
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Net income
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$ 417,900
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Earnings per share
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$ 2.09
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