Find the net income and cash flows

Reference no: EM131931615

Question: ABC Corporation has sales of $6,150,000 in the past year, with operating expenses of $1,105,000 and cost of goods sold of $1,750,000. Depreciation expense of $520,000, Interest expenses amounted to $350,000, and $275,000 in common stock dividends were received. Common stock, which has been purchased ten months earlier for $725,000, was sold for $1,100,000. Prepare the income statement for the ABC Corporation. Use the applicable corporate tax rate. Also, find the net income and Cash Flows. Please give detail on solution.

Reference no: EM131931615

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