In addition to the account balances above several events occurred during 2016 that Selected information about income

In addition to the account balances above several events occurred during 2016 that

   

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Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2016 2015 Sales $ 5,000,000 S 4,100,000 Cost of goods sold 2.980,000 2120,000 Administrative expenses 920,000 795,000 Selling expenses 480,000 432,000 Interest revenue 162,000 152,000 Interest expense 224,000 224,000 Loss on sale of assets of 98,000 discontinued component On July 1, 2016, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2016, for $98,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2016 2015 Sales $ 5,000,000 S 4,100,000 Cost of goods sold 2.980,000 2120,000 Administrative expenses 920,000 795,000 Selling expenses 480,000 432,000 Interest revenue 162,000 152,000 Interest expense 224,000 224,000 Loss on sale of assets of 98,000 discontinued component On July 1, 2016, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2016, for $98,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows:

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1 Prepare a continous multistep statement Multiplestep statement of income for the year ... View the full answer