Current Attempt in Progress Teal Mountain Limited is a private corporation reporting under ASPE. At...
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Current Attempt in Progress Teal Mountain Limited is a private corporation reporting under ASPE. At December 31, 2021, its general ledger contained the following summary data: Cost of goods sold $1,218,000 Interest expense 34.000 Interest revenue 11,200 Operating expenses 217.000 Retained earnings, January 1 545,300 Sales 1,656,000 Additional information: 1. In 2021, common share dividends of $24,600 were declared on June 30 and December 31. The dividends were paid on July 8, 2021, and January 8, 2022, respectively. 2. The company's income tax rate is 20%. Determine income tax expense. Income tax expense $ Prepare a multiple-step income statement for 2021. TEAL MOUNTAIN LIMITED Income Statement $ Prepare a statement of retained earnings for 2021. (List items that increase retained earnings first.) TEAL MOUNTAIN LIMITED Statement of Retained Earnings $ > v : $
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