Wood way Company’s annual report contained the following data (dollars in millions) on its income

Preparing an Income Statement

Wood way Company’s annual report contained the following data (dollars in millions) on its income statement

Interest expense

$ 2,489

Investment income

11,218

Other income

9,033

Depreciation

1,257

Revenues

591,762

Other expenses

8,482

Cost of sales

482,355

Operating expenses

98,576

Income taxes

52

Required

a. Prepare an income statement using a multiple-step format.

b. Revise your income statement (from part a above) to include the following two additional items from Wood way’s annual report (dollars in millions):

Loss on discontinued operations, net of tax

$1,025

Extraordinary loss, net of tax

314

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