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Stein Books Inc. sold 1,500 finance textbooks for $200 each to High Tuition University in 20X1. These books cost $160 to produce. Stein Books spent $12,200 (selling expense) to convince the university to buy its books.
Depreciation expense for the year was $15,100. In addition, Stein Books borrowed $101,000 on January 1, 20X1, on which the company paid 14 percent interest. Both the interest and principal of the loan were paid on December 31, 20X1. The publishing firm's tax rate is 30 percent.
Problem 1: Prepare an income statement for Stein Books.
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Assume that no other information concerning stockholders' equity is relevant:
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