The Pops Corporation reported the following for the year ended December 31, 2010:Sales ……………… $ 575,000 Cost of goods sold ………….. 230,000 Interest income …………… 10,000 Gain on sale of equipment ………. 8,000 Selling and administrative expenses ……. 12,000 Interest expense ………….. 5,000 Extraordinary gain …………. 15,000 Loss from discontinued segment operations …. (10,500) Gain on disposal of discontinued segment….. 28,000Requirement Assume the corporation is subject to a 30% tax rate. Prepare an income statement for the year ended December 31, 2010.View Solution:
The Pops Corporation reported the following for the year ended



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