Tropical Corporation has the following amounts as other revenue and expenses on its income statement.
$$\begin{array}{l}
\text { Other revenue and expenses: }\
\begin{array} { l r }
\text { Gain fram sale of treasury stock } & \$ 21,000 \
\text { Interest revenue } & 4,200 \
\text { Gain from sale of land } & 18,000 \
\text { Appropriated retained earnings for self-insurance } & ( 1,000 ) \
\text { Preferred dividends } & ( 11,000 ) \
\text { Common dividends } & ( 6,000 ) \
\text { Total } & \$ 25,200
\end{array}
\end{array}$$
List the items that do not belong on the income statement and indicate where each should be reported.

Question

Tropical Corporation has the following amounts as other revenue and expenses on its income statement.
 $$\begin{array}{l}
\text { Other revenue and expenses: }\
\begin{array} { l r } 
\text { Gain fram sale of treasury stock } & \$ 21,000 \
\text { Interest revenue } & 4,200 \
\text { Gain from sale of land } & 18,000 \
\text { Appropriated retained earnings for self-insurance } & ( 1,000 ) \
\text { Preferred dividends } & ( 11,000 ) \
\text { Common dividends } & ( 6,000 ) \
\text { Total } & \$ 25,200
\end{array}
\end{array}$$ 
List the items that do not belong on the income statement and indicate where each should be reported.

Quizplus · Accepted Answer

The Answer of Tropical Corporation has the following amounts as other revenue and expenses on its income statement.
 $$\begin{array}{l}
\text { Other revenue and expenses: }\
\begin{array} { l r } 
\text { Gain fram sale of treasury stock } & \$ 21,000 \
\text { Interest revenue } & 4,200 \
\text { Gain from sale of land } & 18,000 \
\text { Appropriated retained earnings for self-insurance } & ( 1,000 ) \
\text { Preferred dividends } & ( 11,000 ) \
\text { Common dividends } & ( 6,000 ) \
\text { Total } & \$ 25,200
\end{array}
\end{array}$$ 
List the items that do not belong on the income statement and indicate where each should be reported.

Tropical Corporation Has the Following Amounts as Other Revenue and Expenses