Use the financial data for Jin Merchanding Inc., in Exercise 17-13 to prepare it

Question

Use the financial data for Jin Merchanding Inc., in Exercise 17-13 to prepare its income statement for the calendar year 2011. (Ignore the earnings per share section.)

17-13 Debit Credit

Net Sales $3,000,000

Gain on state's condemnation 330,000

Company propert (net of tax)

Salarie expense $640,000

Income taxes 117,000

Depreciation expense 432,500

Gain on sale of retail

business segment (net of tax) 875,00

Loss from operating retail

business segment (net of tax) 544,000

Cost of goods sold 1,580,000

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