Question: Prepare a multi-step income statement in proper format. (Show work please) Sales 592,000 Interest and Dividends 32,000 Extraordinary Gain on Refinancing 86,000 Total Revenue and

Prepare a multi-step income statement in proper format. (Show work please)

Sales 592,000

Interest and Dividends 32,000

Extraordinary Gain on Refinancing 86,000

Total Revenue and Gains 710,000

Cost of Goods Sold 295,000

Selling Expenses 67,000

Administrative Expenses 87,000

Interest 26,000

Restructuring Costs 55,000

Income Taxes 72,000

Total Expenses and Losses 602,000

Net Income 108,000

Earnings Per Share $1.08

Income Tax Rate 40%

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