(TCO C) Presented below is information related to Tidal Wave Company.
December 31, 20X2
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Selling and administrative expenses
Earthquake loss (pre-tax) on plant (extraordinary item)
Cash dividends declared on common stock
Cost of goods sold
Gain resulting from computation error on depreciation charge in 2009 (pre-tax)
Instructions: Prepare in good form a multiple-step income statement for the year 20X2. Assume a 30% tax rate and that 100,000 shares of common stock were outstanding during the year. (Points : 40)