DdEe AaBbCcDdEe AaBbCcDc AaBbCcDdEt AaBbc AaBbc de > nal No Spacing Heading 1 Heading 2 Title Subtitle P 3. The information below is taken from the December 31, 2016 adjusted trial balance of Huff & Stuff Company I Inventory, 1/1/16 Sales Selling Expenses General & Admin Expenses Interest Expense Purchases Purchase Returns Sales Discounts Freight-in Loss on sale of major component of the business (pretax) $ 140,000 700,000 25,000 50,000 15,000 330,000 5,000 10,000 7,500 15,000 The inventory on December 31, 2016, was $165,000. The income tax rate is 30% There were 25,000 common shares outstanding all year. Required: 2. Prepare a schedule of cost of goods sold. b. Prepare a 2016 income statement using a multiple step format. c. Prepare a 2016 income statement using a single step format. 4. On July 1, 2019. Packer Company decided to dispose of its foreign sales operations. The component was sold on December 3, 2019, for $2,000,000 resulting in a $109,000 loss of the sale. The foreign sales operation had recorded a $250,000 operating profit up to the date of sale. Packer Company is subject to a 30% income tax rate. Prepare the results from discontinued operations section of Packer's income statement for 2019. 5. Using the following information, prepare the operating activities section of a statement of cash flows using the indirect method. Payment for purchase of land $ 60,000 Payment of dividends $ 4,000 Depreciation Expense $ 12,000 Increase in account receivable $ 19,000 Increase in account payable $ 15,000 Decrease in salary payable $ 14,000 Net Income $ 30,000 Decrease in inventory $ 7,500 Issuance of bonds payable at par $ 50,000