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Bradley Corporation provided the following account balances as of the end of the current year. The company is subject to a $40\%$ income tax rate.

$($Click the icon to view the trial balance.$)$

Requirements

a$.$ Prepare a condensed, multiple$-$step statement of net income for the current year ended December $31.$

b$.$ Prepare a footnote containing the supporting schedules needed for the condensed statement of net income format.

Requirement a$.$ Prepare a condensed, multiple$-$step statement of net income for the current year ended December $31.$

Prepare Bradley's condensed, multiple$-$step income statement. $($List the subheadings in the order thev are typically shown on a multiple$-$step income statement. Use parentheses or a

minus sign to enter other expenses.$)$

Trial balance

For the Year Ended December $31$

Net Income

Bradley Corporation

Statement of Net Income

Net Income

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Account

Dividends

Sales

Interest Income

Dividend Income

Unrealized Gain on Trading Securities

Gain on Disposal of Plant Assets

Gain on Flood Damage$-$Before Tax

Gain on Discontinued Operations$-$Before Tax

Cost of Goods Sold

Sales Salaries Expense

Office Supplies Expense

Advertising Expense

Office Salaries Expense

Systems Consulting Fees$-$General

Selling Expenses

Accounting and Legal Fees$-$Administrative

Depreciation Expense$-$General

Amortization Expense$-$General

Interest Expense

Loss on Asset Impairment

Llnrealized Loss on Available$-$for$-$Sale Bonds

Debit

Credit

$$13,200$

$$1,245,890$

$6,700$

$5,400$

$12,000$

$16,700$

$18,700$

$30,000$

$65,000$

$32,500$

$21,500$

$79,500$

$23,500$

$18,900$

$75,000$

$34,500$

$89,750$

$12,000$

$14,000$

$58,900$

$6,080$

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