Question: Summary operating data for Heartland Company during the current year ended November 30, 2012, are as follows; cost of merchandise sold, $2,500,000; administrative expenses, $300,000;

Summary operating data for Heartland Company during the current year ended November 30, 2012, are as follows; cost of merchandise sold, $2,500,000; administrative expenses, $300,000; interest expense, $20,000; rent revenue, $95,000; net sales, $4,200,000; and selling expenses, $400,000. Prepare a single-step income statement.

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