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The following balances were taken from the books of Concord Corp. on December 31, 2017. Interest...

Question

The following balances were taken from the books of Concord Corp. on December 31, 2017. Interest...

The following balances were taken from the books of Concord Corp. on December 31, 2017.

Interest revenue \$87,350

Accumulated depreciation—equipment \$41,350

Cash 52,350

Accumulated depreciation—buildings 29,350

Sales revenue 1,381,350

Notes receivable 156,350

Accounts receivable 151,350

Selling expenses 195,350

Prepaid insurance 21,350

Accounts payable 171,350

Sales returns and allowances 151,350

Bonds payable 101,350

Allowance for doubtful accounts 8,350

Administrative and general expenses 98,350

Sales discounts 46,350

Accrued liabilities 33,350

Land 101,350

Interest expense 61,350

Equipment 201,350

Notes payable 101,350

Buildings 141,350

Loss from earthquake damage 151,350

Cost of goods sold 622,350

Common stock 501,350

Retained earnings 22,350

Assume the total effective tax rate on all items is 34%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.) CONCORD CORP. Income Statement \$ : \$ \$

CONCORD CORP. Income Statement For the Year Ended December 31, 2017 Net Sales
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