Prepare an income statement for a typical year

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Stork Freight CompanyIncome Statement December 31. Stork Freight Company owns and operates 15 planes that deliver packages worldwide. The planes were purchased on January 1, 2014, for $1,000,000 each. The company estimates that the planes will be scrapped after 12 years. Stork Freight uses straight-line depreciation.

Question 1: Assume that in a typical year the company generates sales of $50,000,000 and operating expenses (excluding depreciation expense) of $25,000,000. Prepare an income statement for a typical year (exclude depreciation expense).

Reference no: EM132651056

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