Refer to RE5-1. Prepare a single step income statement for Brandt Corporation through income from continuing operations for the current year.
In RE5-1, Brandt Corporation had sales revenue of $500,000 for the current year. For the year, its cost of goods sold was $240,000, its operating expenses were $50,000, its interest revenue was $2,000, and its interest expense was $12,000. Brandt Corporation's income tax rate is 30%. Prepare Brandt Corporation's multiple step income statement through income from continuing operations for the current year.