Question: In its income statement for the year ended December 31, 2010, Pele 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, 2010, Pele Company reported the following condensed data

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

Operating expenses $ 925,000 1.289.000 $ 70,000 Interest revenue Loss on sale of equipment Net sales $ 28.000 10,000 2.312.000 Cost of goods sold Interest expense

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