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In: AccountingGrouper Corporation had net sales of $2,427,000 and interestrevenue of $31,500 during 2017. Expenses for...Grouper Corporation had net sales of $2,427,000 and interestrevenue of $31,500 during 2017. Expenses for 2017 were cost ofgoods sold $1,461,400, administrative expenses $212,500, sellingexpenses $296,600, and interest expense $50,800. Grouper’s tax rateis 30%. The corporation had 104,800 shares of common stockauthorized and 73,590 shares issued and outstanding during 2017.Prepare a condensed multiple-step income statement for GrouperCorporation
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