Question - In its income statement for the year ended December 31, 2017, Lemere Company reported the following condensed data.
|
Operating expenses
|
$743,300
|
Interest revenue
|
$32,350
|
|
Cost of goods sold
|
$323,900
|
Loss on disposal of plant assets
|
18,260
|
|
Interest expense
|
72,410
|
Net sales
|
2,407,100
|
Required - Prepare a multiple-step income statement.