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Basic Income Statement The following are selected account balances of Rule Corporation at the end of the current year: Debit Credit Operating Expenses $3,400
Basic Income Statement The following are selected account balances of Rule Corporation at the end of the current year: Debit Credit Operating Expenses $3,400 Sales Revenue $14,770 Cost of Goods Sold 8,600 Interest Expense 810 Gain on Sale of Land 560 Rule is subject to a 30% income tax rate, and shareholders own 600 shares of its capital stock.
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