In its income statement for the year ended December 31, 2010, Pele Company reported the following condensed data.
|
Operating expenses
|
$925,000
|
Interest revenue
|
$28,000
|
|
Cost of goods sold
|
1,289,000
|
Loss on sale of equipment
|
10,000
|
|
Interest expense
|
70,000
|
Net sales
|
2,312,000
|
Instructions
(a) Prepare a multiple-step income statement.
(b) Prepare a single-step income statement.