60.1K

Verified Solution

Link Copied!

Question 5 of 5 0.972 The following information is related to Sunland Company for 2020 $1,117,200 28,500,000 18,240,000 Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill 79,800 5,358,000 934,800 Income taxes for 2020 1,418,160 125.400 444,600 501,600 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock 102,600 285,000 91,200 Sunland Company decided to discontinue its entire wholesale operations considered a discontinued operation) and to retain its manufacturing operations on September 15, Sunland sold the wholesale operations to Rogers Company, During 2020, there were 500,000 shares of common stock outstanding all year. Question 5 of 5 0.9/2 E SUNLAND COMPANY Income Statement For the Year Ended December 31, 2020 Sales Revenue 28500000 Cost of Goods Sold 18240000 i Gross Profit/(Loss) 10260000 Selling and Administrative Expenses 5358000 i Income from Operations 4902000 Other Revenues and Gains Interest Revenue 79800 Gain on the sale of Investments 125400 205200 Other Expenses and losses Write-off of Goodwill 934800 1 Other Expenses and losses Write-off of Goodwill 934800 Loss from Flood Damage 144600 1370400 i Income from Continuing Operations Before Income Tax 41724000 Income Tax 1418160i Income from Continuing Operations 2754240 Discontinued Operations Loss on Disposal. Net of Applicable Tax 501600 Loss on Operations. Not of Applicable Tax 102600 i 604200 215040 Net Income /(Loss) SO1600 Loston Disposal Netot Aplicable Tax Lesson Operations, Net of Applicable Tax : 102.00 200 $ 215040 Net Incomie/Loss) Emines Per Share 5.33 Income from Continuing Operations Discontinued Operation i Loss on Disposal. Net of Applicable Tax Lots on Operations. Net of Aplicable Tax 0.79 Net Income to

Answer & Explanation Solved by verified expert

See Answer