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2. H & M have the following information: net sales, $400,000; salaries, $80,000; rent, $20,000; COGS, $150,000; utilities, $15,000; payroll taxes, $15,000; insurance, $9,000; and

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2. H & M have the following information: net sales, $400,000; salaries, $80,000; rent, $20,000; COGS, $150,000; utilities, $15,000; payroll taxes, $15,000; insurance, $9,000; and interest expense, $4,500. Construct an income statement using the above information. [3 Marks]

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