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Exercise 1: Multiple-step Placement Use the codes below to indicate where each item would appear in a multiple-step Income Statement prepared for the period ending

Exercise 1: Multiple-step Placement Use the codes below to indicate where each item would appear in a multiple-step Income Statement prepared for the period ending December 31, 2012. Also indicate whether the item would likely be considered Permanent or Transitory.

Income Statement

A. Operating revenue

B. Operating expenses

C. Other revenue and gains

D. Other expenses and losses

E. Separately reported items below

Income from continuing operations

X. Would not appear on the income statement

Account

Placement

1

Accounts receivable

2

Accumulated depreciation

3

Administrative expenses

4

Cost of goods sold

5

Depreciation expense

7

Gain on sale of investments

8

Income tax expense

9

interest expense

10

Interest income

11

Loss for inventory write-down

12

Loss on Sale of Discontinued Operations

13

Loss on sale of land

14

Patent

15

Prepaid insurance

16

Rent revenue

18

Research and development

19

Restructuring costs

20

Sales revenue

21

Selling expense

22

Unearned rent revenue

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