The ledger of Cullumber Corporation at November 30, 2021, contains the following summary data: Cash...
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The ledger of Cullumber Corporation at November 30, 2021, contains the following summary data: Cash dividends-common $66,500 Operating expenses $1,113,000 Cash dividends-preferred 25,000 Other comprehensive income-loss on equity investments (before income tax) 83,000 Common shares 321,500 Rent revenue 51,000 Cost of goods sold 7.310,000 Preferred shares ($5 noncumulative) 393,000 Depreciation expense 353.000 Retained earnings. December 1, 2020 744.000 Sales 9.023,000 Your analysis reveals the following additional information: The company has a 25% income tax rate, The company has a 25% income tax rate. 2. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $17.600 before income tax. The division was sold at a loss of $76,500 before income tax. 3. There were 200,000 common and 5,000 preferred shares issued on December 1, 2020, with no changes during the year. Prepare a multiple-step income statement for the year. CULLUMBER CORPORATION Income Statement Prepare a statement of comprehensive income as a separate statement. CULLUMBER CORPORATION Statement of Comprehensive Income $
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