Question:
Clarksville Corporation's capital structure consists of 50,000 shares of common stock. At Dec 31 2014 an analysis of the accounts and discussions with company officials revealed the following info:
|
Sales Revenue
|
1,700,000
|
|
Gain on sale of discontinued segment
|
56,000
|
|
Selling expenses
|
118,000
|
|
Cash
|
60,000
|
|
Accounts Receivable
|
90,000
|
|
Common stock
|
200,000
|
|
Cost of goods sold
|
791,000
|
|
Accum depreciation-machinery
|
180,000
|
|
Dividend revenue
|
9,000
|
|
Unearned service revenue
|
4,400
|
|
Interest payable
|
1,000
|
|
Land
|
370,000
|
|
Patents
|
100,000
|
|
Retained earnings, January 1, 2014
|
290,000
|
|
Interest expense
|
13,000
|
|
Administrative expenses
|
174,000
|
|
Dividends declared
|
24,000
|
|
Allowance for doubtful accounts
|
5,000
|
|
Notes Payable (maturity 7/1/17)
|
200,000
|
|
Machinery
|
450,000
|
|
Inventory
|
40,000
|
|
Accounts payable
|
60,000
|
The applicable income tax rate is 30% for all items.
Prepare a multiple step income statement for Clarksville, including earnings per share disclosures.