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A company reports the following amount in its December 31, Year 1, income statement. ...

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Accounting

A company reports the following amount in its December 31, Year 1, income statement.

Sales revenue $ 290,000 Income tax expense $ 28,000
Gain on sale of land 108,000 Cost of goods sold 188,000
Selling expenses 58,000 Administrative expenses 38,000
General expenses 48,000

Required:

1. Prepare a multiple-step income statement. (Losses should be indicated by a minus sign.)

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