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Question - The following items and amounts were taken from Concord Corporation's 2017 income statement and balance sheet.
Cash $90,300
Retained earnings 122,500
Cost of goods sold 436,800
Salaries and wages expense 116,400
Prepaid insurance 7,900
Inventory 64,200
Accounts receivable 87,800
Sales revenue 583,900
Notes payable 6,200
Accounts payable 53,900
Service revenue 4,900
Interest expense 1,770
Required - Prepare an income statement for Concord Corporation for the year ended December 31, 2017.
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