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During 2020 Glentel Inc sold its interest in a chain of wholesale outlets. This sale took the company out of the wholesaling business completely. The
During 2020 Glentel Inc sold its interest in a chain of wholesale outlets. This sale took the company out of the wholesaling business completely. The company sill operates its retail outlets Following are eight profil elated items Credit Debit 1157,500 405,000 1. Depreciation expense 2. Gain on sale of wholesale operation (net of $135.000 income taxes) 3. Los from operating wholesale operations net of $111.000 ta here) 4. Salaries expense 1. Sales 6. Gaino espropriation of company property 7 cost of poods sold 3. Incotes pie 333,000 324,000 1,620,000 125,00 Present a multiple-step income statement for 2020
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