Question: Summary operating data for Cummerbund Company during the current year ended June 30, 2014, are as follows: cost of merchandise sold, $2,400,000; administrative expenses, $420,000;

Summary operating data for Cummerbund Company during the current year ended June 30, 2014, are as follows: cost of merchandise sold, $2,400,000; administrative expenses, $420,000; interest expense, $30,000; rent revenue, $125,000; net sales, $3,750,000; and selling expenses, $550,000. Prepare a single-step income statement.

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