The following information was taken from the record of Gibson Inc, for the year 2012 income tax applicable to income from continuing operations $119,000 income tax applicable to loss from discontinued of operation s $25,500 income tax applicable to extraordinary gain $32,300 income tax applicable to extraordinary loss $20,400 and unrealized holding gain on available for sales securities $15,000
Extraordinary gains $95,000 cash dividend declared $150,000
Loss on discontinuation of operations $75,000 retained earnings January 1, 2012 600,000
Admission expenses 240,000 Cost of goods sold 850,000
Rent revenues 40,000 selling expense 300,000
Extraordinary loss 60,000 Sales revenues 1,700,000
Shares outstanding during 2012 were 100,000.
(a) Prepare a single step income statement for 2012.
(b) Prepare a Retained earnings statement for 2012.
(c) Show how comprehensive income is reported using the second income format.