Following are the income statement for 2018 and the comparative statement of financial position for the year ended


Following are the allowance declaration for 2018 and the relatively declaration of financial posture for the year ended

December 31 of that year for Benin Bakeries Inc.

Other information:

·      Capital effects that had consume $90,400 were sold for allowance of $34,200.

·      A hoard dividend esteemd at $50,000 was visible and nice in June 2018.

·      Equipment esteemd at $80,000 was habitual for preferred shares during the year.

·      Bonds delay a visage esteem of $400,000 were issued for $368,000 currency in January 2018.  No bonds were redeemed during the year.

·      The immediate investments were considered to be currency equivalents.


Prepare currency run declaration for Benin Bakeries Inc. for 2018 using the unrelated way.  Show curiosity-behalf and allowance taxes remunerated on the visage of the declaration.

Statement of Incomefor the year ended December 3], 2018 Revenues and gains: Sales 5 1,520,000Interest and dividends 61,000Gain on sale of investments 14,000 5 1,595,000 Expenses and losses: Consume of movables sold 5 700,000Selling costs 80,400Amortization cost 39,200Interest cost 16,600Loss on sale of equipment 4,200Income tax cost 226,400 1,066,800 Net allowance 5 528,200
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