In its income statement for the year ended December 31, 2017, Marten Company reported the following condensed

Question:

In its income statement for the year ended December 31, 2017, Marten Company reported the following condensed data.

Interest expense $ 70,000 Net sales $2,200,000 Operating expenses 725,000 Interest revenue 25,000 Cost of goods sold 1,300,000 Loss on disposal of plant assets 17,000 Income tax expense 10,000 INSTRUCTIONS

(a) Prepare a multiple-step income statement.

(b) Prepare a single-step income statement.

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