in the middle of a final, due in one hour

(TCO C) Presented below is information related to Square Company.

Retained earnings, December 31, 20X2    
$2,750,000
Sales  
2,000,000
Selling and administrative expenses    
240,000
Hurricane loss (pre-tax) on plant (extraordinary item)    
250,000
Cash dividends declared on common stock   
33,600
Cost of goods sold        
960,000
Gain resulting from computation error on depreciation charge in 20X1 (pre-tax)        
2,000,000
Other revenue   
80,000
Other expenses 
50,000


Instructions: Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 100,000 shares of common stock were outstanding during the year

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