Tamarisk Company Income Statement For the Year Ended December 31, 2022 Sales revenue $242,000 Cost of...

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Tamarisk Company Income Statement For the Year Ended December 31, 2022 Sales revenue $242,000 Cost of goods sold 176,500 Gross profit 65,500 Selling expenses $17,325 Administrative expenses 5,775 23,100 Income from operations 42,400 Interest expense 2,500 Income before income taxes 39,900 Income tax expense 7,980 Net income $31,920 Additional data: 1. Depreciation expense was $15,900. 2. Dividends declared and paid were $24,620. 3. During the year equipment was sold for $7,600 cash. This equipment cost $17,500 originally and had accumulated depreciation of $9,900 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash. Tamarisk Company Income Statement For the Year Ended December 31, 2022 Sales revenue $242,000 Cost of goods sold 176,500 Gross profit 65,500 Selling expenses $17,325 Administrative expenses 5,775 23,100 Income from operations 42,400 Interest expense 2,500 Income before income taxes 39,900 Income tax expense 7,980 Net income $31,920 Additional data: 1. Depreciation expense was $15,900. 2. Dividends declared and paid were $24,620. 3. During the year equipment was sold for $7,600 cash. This equipment cost $17,500 originally and had accumulated depreciation of $9,900 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash.