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Ashley606hernandez
Ashley606hernandez
12.08.2020 • 
Business

Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016 ($ in 000s): Net sales $29,000
Cost of goods sold $16,000
Interest income 310
Selling and administrative expenses 3,600
Interest expense 570
Restructuring costs 1,900
In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.7 million and a gain on disposal of the component’s assets of $4.2 million. 600,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40% on all items of income (loss).
Required:
Prepare a multiple-step income statement for 2016, including EPS disclosures.

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