Question: In its income statement for the year ended December 31, 2012, Fox Company reported the following condensed data. Instructions(a) Prepare a multiple-step income statement.(b) Prepare

In its income statement for the year ended December 31, 2012, Fox Company reported the following condensed data.

Instructions(a) Prepare a multiple-step income statement.(b) Prepare a single-step incomestatement.

Operating expenses Cost of goods sold Interest expense $ 725,000 $ 28,000 17,000 Interest revenue Loss on disposal of plant assets Net sales 1,289,000 70,000 2,200,000

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