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Problem - ABC Co. had the following account balances:
Sales revenue $250,000
Gross profit 40% of Net sales
Operating expenses 55,000
Rent revenue 12,000
Interest expense 10,000
Loss on sales of building 5,000
Sales discount 16,500
Sales Return and allowances 5,500
Required - What amount would ABC Co. reports as income from operations in its income statement?
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