(TCO C) Presented below is information related to Tidal Wave Company.

(TCO C) Presented below is information related to Tidal Wave Company.
 Retained earnings,

December 31, 20X2  

$ 2,350,000

Sales 

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now

2,600,000

Selling and administrative expenses 

240,000

Earthquake loss (pre-tax) on plant (extraordinary item) 

250,000

Cash dividends declared on common stock    

53,600

Cost of goods sold                     

1,000,000

Gain resulting from computation error on depreciation charge in 2009 (pre-tax)

 520,000

Other revenue    

80,000

Other expenses     

50,000

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)