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The ledger of Sunland Corporation at November 30,2024, contains the following summary data: Cash...

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Accounting

The ledger of Sunland Corporation at November 30,2024, contains the following summary data:
Cash
dividends-
$69,000
Operatingexpenses
$1,118,000
common
Cash 25,000
dividends- Othercomprehensive income-losson equity invest ments [before incometax]
preferred
Common
shares
324,000
Rent revenue
88,0000
Cost of goods
sold
7,360,0000
Preferred shares [t5 noncumulative]
56,000
Depreciation
expense
358,000
Retained earnings December 1,2023
749,000O
Sales ,9,028,000
Your analysis reveals the following additional information:
Thecompany has a 25% incometax rate
Thecommunications devicesdivision was discontinued on August 31. The profit fromoperations for the division up to
that day was $18,600 before income tax. The division was sold at a loss of $7 p,000 before incometax.
There were 200,000 common and 5,000 p referred shares issued on December 1,2023, with no changes du ring the year.
SUNLANDCORPORATION
Income Statement
image

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