I need the comparative income statement, it is incomplete but that is the format. REED COMPANYDecember 3120212020$ 4,400,000 S$ 3,500,0002,000,000675,000302,000140,000200,000Sales revenueCost of goods soldAdministrative expenseSelling expenseInterest revenue|Interest expense|Loss on sale of assets of discontinued component2,860,000800,000360,000150,000200,00048,0001/1/21 -Results of operations for discontinued component (included above):Sales9/30/212020Cost of goods soldAdministrative expenseSelling expensesOperating income before taxes400,000 $ 500,000(290,000)(50,000)(20,000)$.(320,000)(40,000)(20,000)40,000 '$ 120,000Additional information:Uninsured damage due to fireCost of obsolete inventoryObsolete inventory sold for scrap50,00040,0005,000Income tax rateCommon stock shares25%300,000 20212020$ 4,000,000 S 3,000,000(2,570,000)1,430,000Sales revenueCost of goods soldGross profitOperating expenses:Administrative expenseSelling expenseLoss on building (fire damage)Loss on inventory write-downTotal operating expensesOperating incomeOther income (expense):(1,680,000)1,320,000(635,000)(282,000)(750,000)(340,000)(50,000)(35,000)(1,175,000)255,000(917,000)403,000Interest revenue150,000140,000Interest expenseTotal other income (net)Income from continuing operations before(200,000)(50,000)(200,000)(60,000)343,000(85,750)257,250income taxes205,000Income tax expenseIncome from continuing operationsDiscontinued operations:Income (loss) from operations of discontinuedcomponent (including loss on disposal of$48,000 in 2021)Income tax benefit (expense)Income (loss) on discontinued operations(51,250)153,750(8,000)120,000Net income

The following computations are done for Reed Company.

REED COMPANY December 31 2021 $ 4,400,000 $ 3,500,000 2,860,000 800,000 360,000 150,000 200,000 48,000 2020 Sales revenue Cost of goods sold Administrative expense Selling expense nterest revenue nterest expense Loss on sale of assets of discontinued component 2,000,000 675,000 302,000 140,000 200,000 Results of operations for discontinued component (included above): Sales Cost of goods sold Administrative expense Selling expenses Operating income before taxes 1/1/21 - 9/30/21 400,000 $ 500,000 (290,000) (50,000) (20,000) s. 2020 (320,000) (40,000) (20,000) 40,000 's 120,000 Additional information: Uninsured damage due to fire Cost of obsolete inventory Obsolete inventory sold for scrap ncome tax rate Common stock shares 50,000 40,000 5,000 25% 300,000 SSS

REED COMPANY December 31 2021 $ 4,400,000 $ 3,500,000 2,860,000 800,000 360,000 150,000 200,000 48,000 2020 Sales revenue Cost of goods sold Administrative expense Selling expense nterest revenue nterest expense Loss on sale of assets of discontinued component 2,000,000 675,000 302,000 140,000 200,000 Results of operations for discontinued component (included above): Sales Cost of goods sold Administrative expense Selling expenses Operating income before taxes 1/1/21 - 9/30/21 400,000 $ 500,000 (290,000) (50,000) (20,000) s. 2020 (320,000) (40,000) (20,000) 40,000 's 120,000 Additional information: Uninsured damage due to fire Cost of obsolete inventory Obsolete inventory sold for scrap ncome tax rate Common stock shares 50,000 40,000 5,000 25% 300,000 SSS

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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