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trainin g financial information 7. Which of the following is a A Cost 3. Full disclosure C. Relevance D. Consistency Logan Corp.'s trial balance of income statements included the following for the ended December 31, 2017 Debit Credit $280,000 $170.000 40,000 18,000 Sales revenue Cost of goods sold Administrative expenses Loss on disposal of equipment Sales commission expense Interest revenue Freight-out Loss from discontinued operations Bad debt expense Totals 16,000 10,000 6,000 24,000 6.000 $280.000 S290.000 Other information: Logan's income tax rate is 30%. Finished goods inventory: January 1, 2017 $160,000 December 31, 2017 140,000 On Logan's multiple-step income statement for 2017, the discontinued operations loss is A) $16,800. B) $24,000. C) $29,400. D) $42,000. 9. Gregg Corp. reported revenue of $1,650,000 in its accrual basis income statement for the year ended June 30, 2018. Additional information was as follows: Accounts receivable June 30, 2017 Accounts receivable June 30, 2018 Uncollectible accounts written off during the fiscal year $400,000 530,000 15,000 Under the cash basis, Gregg should report revenue of A. $1,235,000 B. $1,250,000. C. $1,505,000. D. $1,535,000