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From the following information for the year 2012, prepare an income statement and a statement of shareholders equity, under GAAP rules, for a company with shareholders equity at the beginning of2012 o

From the following information for the year 2012, prepare an income statement and a statement of shareholders equity, under GAAP rules, for a company with shareholders equity at the beginning of2012 of $3,270 million. Amounts are in millions. Sales .................................................................... $4,458 Common dividends paid ............................................ 140 Selling expenses ...................................................... 1,230 Research and development costs ................................... 450 Cost of goods sold ................................................... 3,348 Share issues ............................................................ 680 Unrealized gain on securities available for sale .................. 76 Income taxes .......................................................... (200) Also calculate comprehensive income and net payout. Income taxes are negative. How can this be?

 

May 24 2020 View more View Less

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