Answer:
<h2> Rembrandt Paint Company
</h2><h2>Income Statement - December 31, 2021
</h2>
Sales revenues $34,000
- Cost of goods sold <u>($18,500)</u>
Gross margin $15,500
Operating expenses:
- Selling and adm. expenses ($4,100)
- Restructuring costs ($2,400)
Total operating expenses <u>($6,500)
</u>
Income from operations $9,000
Other revenue and expenses:
Gain on sales of assets $5,200
Interest revenue $420
Loss from discontinued oper. ($3,200)
Interest expense ($620)
Total other revenue and expenses <u>$1,800
</u>
Net income pre-tax $10,800
Income taxes (25%) <u>($2,700)</u>
Net income after taxes $8,100
Shares outstanding 600,000
Earnings per share (EPS) $13.50
