Answer:
<h2> Rembrandt Paint Company</h2><h2>Income Statement - December 31, 2021</h2>
Sales revenues $24,000,000
- Cost of goods sold <u> ($13,500,000)</u>
Gross margin $10,500,000
Operating expenses:
- Selling and adm. expenses ($420,000)
- Restructuring costs ($1,400,000)
Total operating expenses <u>($1,820,000)</u>
Income from operations $8,620,000
Other revenue and expenses:
Gain on sales of assets $3,200,000
Interest revenue $220,000
Loss from discontinued oper. ($2,200,000)
Interest expense ($420,000)
Total other revenue and expenses <u>$800,000</u>
Net income pre-tax $9,420,000
Income taxes (25%) <u>($2,355,000)</u>
Net income after taxes $7,065,000
Shares outstanding 600,000
Earnings per share (EPS) $11.78
