The following information was taken from the records of Marigold Inc. for the year 2020: Income tax applicable to income from continuing operations $160,820; income tax applicable to loss on discontinued operations $21,930, and unrealized holding gain on available-for-sale securities (net of tax) $12,900. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $81,700 64,500 206,400 34,400 51,600 Shares outstanding during 2020 were 100,000. Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling expenses Sales Revenue $129,000 840,000 731,000 258,000 1,634,000

The following information was taken from the records of Marigold Inc. for the year 2020: Income tax applicable to income from continuing operations $160,820; income tax applicable to loss on discontinued operations $21,930, and unrealized holding gain on available-for-sale securities (net of tax) $12,900. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $81,700 64,500 206,400 34,400 51,600 Shares outstanding during 2020 were 100,000. Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling expenses Sales Revenue $129,000 840,000 731,000 258,000 1,634,000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 47P

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