Presented below is information related to Emmit Corporation for 2015.
|
Sales Revenue
|
$3,400,000
|
|
Rent Revenue
|
600,000
|
|
Interest Revenue
|
25,000
|
|
Gain on Sale of Land
|
10,000
|
|
Loss on Disposal of Equipment
|
15,000
|
|
Loss from Sale of Electronics Division (before tax)
|
40,000
|
|
Cost of Goods Sold
|
3,100,000
|
|
Selling and Administrative Expenses
|
60,000
|
|
Dividend
|
20,000
|
|
Utilities Expenses
|
40,000
|
Electronics division is a separately identifiable division of Emmit. Emmit's tax rate is 35%. Prepare a multiple-step income statement for 2015. Include a proper heading (Emmit's fiscal year ends on December 31).