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Q2 (10 Points) (Multiple-Step Statement) The following balances were taken from the books of Alonzo Corp....


Q2 (10 Points) (Multiple-Step Statement) The following balances were taken from the books of Alonzo Corp. on December 31, 201
Q2 (10 Points) (Multiple-Step Statement) The following balances were taken from the books of Alonzo Corp. on December 31, 2017. Interest revenue $ 86,000 Accumulated depreciation equipment $ 40,000 Cash 51,000 Accumulated depreciation buildings 28,000 Sales revenue 1,920,000 Notes receivable 155,000 Equity earnings 30,000 loss from disposal of production lines 15,000 Accounts receivable 150,000 Selling expenses 1194,000 Prepaid insurance 20,000 Accounts payable 170,000 Sales returns and allowances 150,000 Bonds payable 100,000 Allowance for doubtful accounts 7,000 Administrative and general expenses 97,000 Sales discounts 45,000 Accrued liabilities 32,000 Land 100,000 Interest expense 60,000 Equipment 200,000 Notes payable 100,000 Buildings 140,000 Loss from earthquake damage 150,000 Cost of goods sold 621,000 Common stock 500,000 Retained earnings 21.000 losses from employees strike 25.000 Income from operations of discontinued production lines 60,000 Assume the total effective tax rate on all items is 34%. Instructions Prepare a multiple-step income statement: 100,000 shares of common stock were outstanding during the year.
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