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Question
The following data for the current year ended June 30 are from the accounting records of Zanadu Co.:
| Administrative expenses | $ 28,750 |
| Cost of merchandise sold | 181,440 |
| Interest expense | 3,600 |
| Rent revenue | 1,500 |
| Sales | 534,440 |
| Selling expenses | 65,000 |
Prepare a multiple-step income statement for the year ended June 30.
Answer
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