Financial Statement Research Select the financial statements of any company. 1. Prepare an income statement in the

Financial Statement Research Select the financial statements of any company.

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1. Prepare an income statement in the following format: Total sales (or revenues) Cost of goods sold Gross margin Other expenses Income before income taxes Be sure to include all revenues in the first line and all expenses (except income taxes) in either Cost of goods sold or Other expenses. 2. Prepare three summary journal entries for the income statement data you prepared. Use the given account titles and label your entries a, b, and c. Omit explanations. For simplicity, assume that all "Other expenses" were paid in cash and all sales are on credit. 3. Post to T-accounts in a ledger for all affected accounts. Key your postings by transaction letter.