The following is a partial trial balance for General Lighting Corporation as of December 31, 2013: Account Title Debits Credits Sales revenue

The following is a partial trial balance for General Lighting Corporation as of December 31, 2013:

Account Title

Debits

Credits

Sales revenue

2,800,000

Rental revenue

89,000

Loss on sale of investments

27,000

Loss from flood damage (event is both unusual and infrequent)

210,000

Cost of goods sold

1,280,000

Loss from write-down of inventory due to obsolescence

290,000

Selling expenses

390,000

General and administrative expenses

195,000

Interest expense

88,000

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200,000 shares of common stock were outstanding throughout 2013. Income tax expense has not yet been accrued. The income tax rate is 40%.

Required:

1.

Prepare a single-step income statement for 2013, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.)

2.

Prepare a multiple-step income statement for 2013, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.)

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