Question: Summary operating data for Loma Company during the current year ended April 30, 20Y6, are as follows: cost of goods sold, $7,500,000; administrative expenses, $750,000;

Summary operating data for Loma Company during the current year ended April 30, 20Y6, are as follows: cost of goods sold, $7,500,000; administrative expenses, $750,000; interest expense, $100,000; rent revenue, $120,000; sales, $13,580,000 and selling expenses, $1,250,000. Prepare a single-step income statement.

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