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

(TCO B) Adjusting entries: Retained Earnings at 1/1/1X was $0 and at 12/31/1X
February 12, 2020
(TCO B) Adjusting entries: Wizard Industries purchased $12,000 of merchandise
February 12, 2020

(TCO C) Presented below is information related to Tidal Wave Company.
 Retained earnings,

December 31, 20X2  

$ 2,350,000



Selling and administrative expenses 


Earthquake loss (pre-tax) on plant (extraordinary item) 


Cash dividends declared on common stock    


Cost of goods sold                     


Gain resulting from computation error on depreciation charge in 2009 (pre-tax)


Other revenue    


Other expenses     


Instructions: Prepare in good form a multiple-step income statement for the year 20X2. Assume a 30% tax rate and that 100,000 shares of common stock were outstanding during the year. (Points : 40)

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