Reference no: EM132922140
Question - Shown below is an income statement for 2020 that was prepared by a poorly trained bookkeeper of BASCO Corporation.
BASCO Corporation INCOME STATEMENT December 31, 2020
Sales revenue $945,000
Interest revenue 19,500
Cost of merchandise sold (408,500)
Selling expenses (145,000)
Administrative expense (215,000)
Interest expense (13,000)
Income before special items 183,000
Special items
Loss on disposal of a component of the business (30,000)
Major casualty loss (extraordinary item) (70,000)
Net income $83,000
Required - Prepare a multiple-step income statement for 2020 for BASCO Corporation, the tax rate 30%.
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