(Solution) - The following information was taken from the records of Gibson -(2025 Original AI-Free Solution)

Paper Details

The following information was taken from the records of Gibson Inc. for the year 2012: income tax applicable to income from continuing operations $119,000; income tax applicable to loss on discontinued operations $25,500; income tax applicable to extraordinary gain $32,300; income tax applicable to extraordinary loss $20,400; and unrealized holding gain on available-for-sale securities $15,000.

Shares outstanding during 2012 were 100,000.
Instructions
(a) Prepare a single-step income statement for 2012.
(b) Prepare a retained earnings statement for 2012.
(c) Show how comprehensive income is reported using the second income statementformat.