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Prepare an income statement

Selling,general, and administrative expenses $51,000
Accounts payable 85,000
Extraordinary gain from early retirement of bonds,
net of tax expense of $28,000 104,000
Research and development expenses 37,000
Loss from discontinued operations net of tax savings of $5,000 16,000
Provision of income tax 74,000
Net sales 579,000
Interest expense 64,000
Net cash provided by operations 148,000
Cost of goods sold 272,000

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The income statement is in the attached file. The income statement is in various ...

Solution Summary

The solution explains the preparation of an income statement given the details about the various revenue and expenses.