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PenCorn a whole sale dealer has just started its operations in January 2019. As the company is new to business and accounting word, the company intends to choose the suitable format to represent its income statement.
Salaries expenses $50,000
Admin expenses 60,000
Depreciation on equipment 23,500
Rental Expenses 34,000
Transportation Expenses 4,400
Sales commission 5,490
Net sales $456,000
Tax 20%
Interest Expense 12,000
CGS 288,000
Required:
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