Question: Summary operating data for Paper Plus Company during the current year ended June 30, 2010, are as follows: cost of merchandise sold, $4,000,000; administrative expenses,

Summary operating data for Paper Plus Company during the current year ended June 30, 2010, are as follows: cost of merchandise sold, $4,000,000; administrative expenses, $500,000; interest expense, $30,000; rent revenue, $100,000; net sales, $6,500,000; and selling expenses, $750,000. Prepare a single-step income statement.

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