Excerpts from Crozier Industries’ financial records as of December 31, 2012, follow:
The amounts shown do not include any tax effects. Crozier’s tax rate is 35 percent. Assume that all items are treated the same for accounting and income tax purposes.
a. Indicate which items should be included on the company’s income statement. Classify each item to be included on the income statement as one of the following:
(1) Usual and frequent
(2) Unusual or infrequent
(3) Disposal of business segment
(4) Unusual and infrequent
(5) Mandated change in accounting method
b. Prepare an income statement using the single-step format, and assess the persistence of each item on the income statement.
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