The following information was taken from the ledger and other records of Lillie Inc.at December 31,2021.All amounts are pre-tax.
Additional Information: There was no change in number of preferred shares during the year.Preferred share cash dividends were in arrears for 2020.There were 140,000 common shares outstanding on January 1,2021.24,000 shares were issued on April 1,2021 and another 16,000 shares were issued on Oct.1,2021.Required: Prepare an Income Statement in good form for Lillie Inc.for the fiscal year ended December 31,2021.Use an income tax rate of 40%.Include full earnings per share disclosure and show all calculations.

Question

The following information was taken from the ledger and other records of Lillie Inc.at December 31,2021.All amounts are pre-tax.

Additional Information: There was no change in number of preferred shares during the year.Preferred share cash dividends were in arrears for 2020.There were 140,000 common shares outstanding on January 1,2021.24,000 shares were issued on April 1,2021 and another 16,000 shares were issued on Oct.1,2021.Required: Prepare an Income Statement in good form for Lillie Inc.for the fiscal year ended December 31,2021.Use an income tax rate of 40%.Include full earnings per share disclosure and show all calculations.

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The Answer of The following information was taken from the ledger and other records of Lillie Inc.at December 31,2021.All amounts are pre-tax. Additional Information: There was no change in number of preferred shares during the year.Preferred share cash dividends were in arrears for 2020.There were 140,000 common shares outstanding on January 1,2021.24,000 shares were issued on April 1,2021 and another 16,000 shares were issued on Oct.1,2021.Required: Prepare an Income Statement in good form for Lillie Inc.for the fiscal year ended December 31,2021.Use an income tax rate of 40%.Include full earnings per share disclosure and show all calculations.

The Following Information Was Taken from the Ledger and Other