Baskins Corporation's Accounting Records Include the Following Items, Listed in No

question 74

Essay

Baskins Corporation's accounting records include the following items, listed in no particular order, for the year ending December 31, 2015:
$\begin{array} { l r l r } \text { Other Revenues and (Expenses) } & & \text { Gain on Discontinued Operations } & \$ 75,000 \\\text { Gain on sale of Equipment } & \$ 12,000 & \text { Extraordinary Loss } & 15,000 \\\text { Loss on disposal of Equipment } & 5,000 & \text { Cost of Goods Sold } & 285,000 \\\text { Net Sales } & 650,000 & \text { Operating Expenses } & 120,000\end{array}$
The income tax rate for the company is 45%. Prepare Baskins's income statement for the year ended December 31, 2015. Omit earnings per share.

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