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BE4-2 Turner Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2007. Expenses for 2007 were:

BE4-2 Turner Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2007. Expenses
for 2007 were: cost of goods sold $1,250,000; administrative expenses $212,000; selling expenses
$280,000; interest expense $45,000. Turner’s tax rate is 30%. The corporation had 100,000 shares of common
stock authorized and 70,000 shares issued and outstanding during 2007. Prepare a single-step income
statement for the year ended December 31, 2007.

This question was asked on Mar 16, 2010.

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