ACCOUNTING
P4-6 Income statement presentation
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2011 ($ in 000s):
In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $1.6 million and a gain on disposal of the component's assets of $2 million. 500,000 shares of common stock were outstanding throughout 2011. Income tax expense has not yet been accrued. The income tax rate is 30% on all items of income (loss).
Required:
Prepare a multiple-step income statement for 2011, including EPS disclosures.
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