Exercise 5-10 (Part Level Submission) In its income statement for the year ended December 31, 2017, Kingbird, Inc. reported the following condensed data. $870,000 $39,600 Operating expenses Interest revenue Cost of goods sold 1,507,200 20,400 Loss on disposal of plant assets Interest expense 84,000 2,640,000 Net sales 56,400 9,960 Income tax expense Other comprehensive income (net of $1,440 tax) (a) Your answer is correct Prepare an income statement. KINGBIRD, INC. Income Statement For the Year Ended December 31, 2017 2640000 Net Sales Cost of Goods Sold 1507200 1132800 Gross Profit 870000 Operating Expenses 262800 Income From Operations Other Revenues and Gains 39600 Interest Revenue Other Expenses and Losses Interest Expense 84000 20400 Loss on Disposal of Plant Assets 104400 198000 Income before Income Taxes Income Tax Expense 56400 141600 Net Income / (Loss) Click if you would like to Show Work for this question: Open Show Work (b) Prepare a comprehensive income statement. KINGBIRD, INC. Comprehensive Income Statement $ Open Show Work Click if you would like to Show Work for this question: Attempts: 0 of 3 used