In its income statement for the year ended December 31. 2006. Bach Company reported the following condensed data.

Instructions

(a) Prepare a multiple-step income statement.

(b) Prepare a single-step income statement.

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Administrative expenses Cost of goods sold Interest expense Interest revenue $ 435,000 1.289,000 Selling expenses Loss on sale of equipment 70,000 28,000 Net sales $ 490,000 10,000 2.342,000