Question: Use the financial data for Jin Merchandising, Inc., in Exercise 17-13 to prepare its income statement for calendar year 2011. Section Item Debit Credit l.

Use the financial data for Jin Merchandising, Inc., in Exercise 17-13 to prepare its income statement for calendar year 2011.

Section Item Debit Credit l. Net sales.... 2. Gain on state's condemnation $3,000,000 of company property (net of tax) 3. Salaries expense 4. Income taxes expense 330,000 640,000 117,000 432,500 6. Gain on sale of retail business segment (net of tax)n. 875,000 7. Loss from operating retail business segment (net of tax) 544,000 8. Cost of goods sold. ^n..580,000

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