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Prepare a income statement for howell corporation

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Reference no: EM132745053

Question: Howell CorporationINCOME STATEMENTDecember 31, 2019 Sales revenue €895,000

Interest revenue 19,500

Cost of Goods sold (408,500)

Selling expenses (145,000)

Administrative expense (215,000)

Interest expense (13,000)

Income before special item 133,000

Special item

Loss on disposal of a component of the business (40,000)

Net income tax liability (27,900)

Net income €65,100

Instructions: Prepare a income statement for 2019 for Howell Corporation that is presented in accordance with IFRS (including format and terminology). Howell Corporation has 50,000 Common Stocks Outstanding and has a 30% income tax rate on all tax related items.

Reference no: EM132745053

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