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    Income Statement

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    With the given information, please prepare an Income Statement using good form.
    Selling , general and administrative expenses $51,000
    Accounts payable 85,000
    Extraordinary gain from early retirement of bonds net of tax expenses of $28,000 132,000
    Research and development expenses 37,000
    Loss from discontinued operations net tax savings of $5,000 21,000
    Provision for Income taxes 74,000
    Net Sales 579,000
    Interest expense 64,000
    Net cash provided by operations 148,000
    Less Cost of goods sold 272,000

    Please see attached for information table.

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    Solution Summary

    Prepares Income Statement using the data.