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Crane Company's trial balance of income statement accounts only for the year ended December 31, 2020 included the following: Debit Credit Sales revenue $279000 Cost
Crane Company's trial balance of income statement accounts only for the year ended December 31, 2020 included the following:
Debit | Credit | ||
Sales revenue | $279000 | ||
Cost of goods sold | $172000 | ||
Administrative expenses | 40200 | ||
Loss on sale of equipment | 17100 | ||
Commissions to salespersons | 16600 | ||
Interest revenue | 9900 | ||
Freight-out | 5800 | ||
Loss from discontinued operations | 23300 | ||
Bad debt expense | 6200 |
Other information: Crane's income tax rate is 30%. Finished goods inventory:
January 1, 2020 | $159600 |
December 31, 2020 | 138500 |
On Crane's multiple-step income statement for 2020, The discontinued operations loss is
$16310.
$23300.
$28280.
$40400.
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