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M$1-16($Algo$)$ Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet $[$LO $1-2,$ LO $1-3]$

$($The following information applies to the questions displyyed below$)$

The following information was reported in the December $31$ financial statements of National Airways, Incorporated $($listed alphabetically, amounts in millions$).$

$\backslash$table$[[$Accounts Payable,$$4,405],[$Accounts Receivable,$750],[$Aircraft Fuel Expense,$10,400],[$Cash$,3,140],[$Common Stock,$1,305],[$Dividends$,44],[$Equipment$,16,410],[$Income Tax Expense,$],[$Interest Expense,$359],[$Landing fees Expense,$300],[$Notes Payable,$4,880],[$Repairs and Maintenabce Expense,$7,235],[,2,590],[$Retained Earnings $($as of Decenter $31),8,729],[$Salaries and wapes Expense,$3,535],[$Ticket Revenues,$765],[,25,600]]$

M$1-16($Algo$)$ Part $1$

Required:

Prepare an income statement for the year ended December $31.$

Note: Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10.\}.$

NATIONAL AIRWAYS, INCORPORATED

Income Statement

Prey

$5$

$6$

$7$

$8$

of $10$

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