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Presented below is information related to Baskins

Presented below is information related to Baskins Corporation for its fiscal year ending June 30, 2016. During the year, the Board of Directors decided to discontinue the operations of its entire Robbins division because the employees kept eating the inventory and retain its Chocolate manufacturing operations. In November 2015, Baskins sold the Robbins operations to Braum’s Company. The following amounts were taken from Robbin’s general ledger:Administrative expenses $ 70,000Cost of goods sold 1,200,000Depreciation expense omitted in 2014 105,000Dividends declared 120,000Gain from disposal of Robbins division 300,000Gain on sale of investments 30,000Interest expense 45,000Interest revenue 20,000Loss from operations of Robbins division 240,000Retained earnings, July 1, 2015 740,000Sales 2,000,000Sales returns 50,000Selling expenses 95,000Unrealized gain on available-for-sale securities 220,000Write-off of inventory due to obsolescence (I would have eaten it!) 75,000Additional information:All amounts are before tax. Assume a 30% tax rate when calculating income taxes. This includes items such as ordinary income, discontinued operations, other comprehensive income and prior period adjustments if applicable.There are 200,000 shares of common stock outstanding for the Earnings per share (EPS) disclosure. All EPS amounts should be rounded to pennies.INSTRUCTIONS: Use appropriate headings on all financial statementsPrepare an Income Statement (multi-step of course) for the year ended June 30, 2016.Prepare a separate Statement of Comprehensive Income for the year ended June 30, 2016Prepare a Statement of Retained Earnings for the year ended June 30, 2016.Your work should be professional as if you were presenting these financial statements to a client. For example, (1) no abbreviations, (2) use dollar signs, underlines and double underlines appropriately, (3) use commas for amounts greater than $999 and (4) use appropriate headings.

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