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Prepare a multi-step income statement of Solar Power

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Reference no: EM132454939

Problem - Solar Power Inc. had the following transactions during 2105.

Sales revenue $60,000

Equipment rental revenue 1680

Cost of sales 24,750

Selling and administrative expenses 13,080

Interest expense 2,240

Gain on sale of old machinery 840

Unrealized gain on available for sale securities 624

Required -

1. Prepare a multi-step income statement of Solar Power Inc. assuming income tax rate applicable to SolarPower is 30%.

2. Compute comprehensive income.

Reference no: EM132454939

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