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Prepare a single-step income statement

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Reference no: EM13550392

In its income statement for the year ended December 31, 2010, Pele Company reported the following condensed data.

Operating expenses

$925,000

Interest revenue

$28,000

Cost of goods sold

1,289,000

Loss on sale of equipment

10,000

Interest expense

70,000

Net sales

2,312,000

Instructions

(a) Prepare a multiple-step income statement.

(b) Prepare a single-step income statement.

Reference no: EM13550392

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