The Dairy Company's income statement and comparative balance sheets as of December 31 of the...
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The Dairy Company's income statement and comparative balance sheets as of December 31 of the current year and the \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{\begin{tabular}{c} DAIRY COMPANY \\ Income Statement \\ For the Year Ended December 31 \end{tabular}} \\ \hline Sales Revenue & & $910,000 \\ \hline Cost of Goods Sold & $572,000 & \\ \hline Wages and Other Operating Expenses & 123,500 & \\ \hline Depreciation Expense & 28,600 & \\ \hline Goodwill Amortization Expense & 9,100 & \\ \hline Interest Expense & 13,000 & \\ \hline Income Tax Expense & 46,800 & \\ \hline Loss on Bond Retirement & 6,500 & 799,500 \\ \hline Net Income & & $110,500 \\ \hline \end{tabular} During the year, the company sold for $22,100 cash old equipment that had cost $46,800 and had $24,700 ad $78,000 of bonds payable. Bonds payable of $156,000 were retired for cash at a loss. A $33,800 casth dividend
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