The following income statement items, arranged in alphabetical order, are taken from the records of Corbin Enterprises

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The following income statement items, arranged in alphabetical order, are taken from the records of Corbin Enterprises for the current year:

Advertising expense Cost of goods sold Depreciation expense-computer Dividend revenue Income tax expense

Required
1. Prepare a single-step income statement for the current year.
2. What weaknesses do you see in this form for the income statement?

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