Question: Summary operating data for The Meriden Company during the current year ended June 30, 2006, are as follows: cost of merchandise sold, $3,240,000; administrative expenses,

Summary operating data for The Meriden Company during the current year ended June 30, 2006, are as follows: cost of merchandise sold, $3,240,000; administrative expenses, $300,000; interest expense, $47,500; rent revenue, $30,000; net sales, $5,400,000; and selling expenses, $480,000. Prepare a single-step income statement.

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