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

question 90

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%. The company had 15,000 shares of common stock outstanding during 2015 and no preferred stock. Prepare Baskins' income statement for the year ending December 31, 2015. Show how Baskins reports EPS data on its 2015 income statement

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Definitions:

Real GDP

stands for Real Gross Domestic Product, which measures the value of all goods and services produced by an economy over a specific period, adjusted for inflation.

Aggregate Expenditure

The total amount of spending in an economy, including consumption, investment, government purchases, and net exports.

Income

Income earned, particularly in a consistent manner, from labor or investment returns.

U.S. Exports

Goods and services produced in the United States and sold to other countries.