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Question 16 Prepare a 2020 income statement for Shanta Corporation based on the following information:...

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Accounting

Question 16

Prepare a 2020 income statement for Shanta Corporation based on the following information:

Cost of goods sold $490,000
Operating expenses 100,000
Other expenses and losses 30,000
Sales revenue 700,000
Tax rate 30%

Prepare a income statement

SHANTA CORPORATION Income Statement For the Year Ended December 31, 2020

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