E4.6 (LO 2, 3) (Multiple-Step Statement) The following balances were taken from the books of Alonzo Corp. on December 31, 2020. Interest revenue $ 86,000 Accumulated depreciation-equipment $ 40,000 Cash 51,000 Accumulated depreciation-buildings 28,000 1,380,000 Notes receivable 155,000 Sales revenue Accounts receivable 150,000 Selling expenses 194,000 Prepaid insurance 20,000 Accounts payable 170,000 Sales returns and allowances 150,000 Bonds payable 100,000 7,000 Administrative and general expenses 97,000 45,000 Accrued liabilities 32,000 100,000 Interest expense 60,000 200,000 Notes payable 100,000 140,000 Loss from earthquake damage 150,000 621,000 500,000 21,000 Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold Assume the total effective tax rate on all items is 20%. Common stock Retained earnings

Assume the total effective tax rate on an items is 20%