The Following Accounts Have Been Taken from Carlton Corporation's General

question 162

Essay

The following accounts have been taken from Carlton Corporation's general ledger as of December 31,2017.All data are shown before tax.The income tax rate is 40%.
$\begin{array}{ll}\text { Sales revenue } & \$ 195,000 \\\text { Interest revenue } & 10,000 \\\text { Interest expense } & 8,000 \\\text { Gain on sale of equipment } & 22,000 \\\text { Cost of goods sold } & 85,000 \\\text { Operating expenses } & 65,000\end{array}$ Operating income from
$\text { discontinued operations }\quad\quad50,000$ Loss on disposal of
$\text { discontinued operations }\quad30,000$ Prepare a single-step income statement for the year ended December 31,2017.Omit earnings per share.

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