The following information was taken from records of Gibson Inc. for the year 2012: Income tax applicable to income from continuing operations $127,200; income tax applicable to loss on discontinued operations $33,300; income tax applicable to extraordinary gain $32,334; income tax applicable to extraordinary loss $20,434; and unrealized holding gain on available-for-sale securities $20,500.
| Extraordinary gain |
|
$95,100 |
|
Cash dividends declared |
|
$160,100 |
| Loss on discontinued operations |
|
82,400 |
|
Retained earnings January 1, 2012 |
|
606,800 |
| Administrative expenses |
|
247,500 |
|
Cost of goods sold |
|
858,300 |
| Rent revenue |
|
42,700 |
|
Selling expenses |
|
300,400 |
| Extraordinary loss |
|
60,100 |
|
Sales Revenue |
|
1,700,100 |
Shares outstanding during 2012 were 101,600.
Prepare a single-step income statement for 2012.