Chapter $2$ Homework Exercises

$23$

MMT Corporation reports the following income statement $($ $ in millions$)$ for the year ended December $31,2024$: sales revenue, $$2,190$; cost of goods sold, $$1,420$; selling expense, $$205$; general and administrative expense, $$195$; interest expense, $$65$; and gain on sale of investments, $$115.$ Income tax expense has not yet been recorded. The income tax rate is $25\%.$

$0\mathrm{.}17$ Required:

points Prepare a multiple$-$step income statement.

Note: Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10).$