Question: Prepare a multiple-step income statement for Goodwin Co. from the following data for the year ended December 31, 2007. Sales, $925,000; cost of merchandise sold,

Prepare a multiple-step income statement for Goodwin Co. from the following data for the year ended December 31, 2007. Sales, $925,000; cost of merchandise sold, $560,000; administrative expenses, $30,000; interest expense, $10,000; rent revenue, $20,000; sales returns and allowances, $55,000; selling expenses, $110,000.

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