Solution for QID #1078: The following information was taken from the records of Blue | StudyHelpMe

The following information was taken from the records of Blue Inc. for the year 2017: Income tax applicable to income from continuing operations $188,564; income tax applicable to loss on discontinued operations $26,588, and unrealized holding gain on available-for-sale securities (net of tax) $16,100.Gain on sale of equipment$98,500Cash dividends declared$158,500Loss on discontinued operations78,200Retained earnings January 1, 2017651,700Administrative expenses244,000Cost of goods sold813,100Rent revenue45,400Selling expenses327,700Loss on write-down of inventory65,800Sales Revenue1,861,300Shares outstanding during 2017 were 94,500.Prepare a single-step income statement.Prepare a comprehensive income statement for 2017, using the two statement format.Prepare a retained earnings statement for 2017