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help!!! P6. Porter Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2017 an analysis of the accounts and discussions with
help!!! P6. Porter Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2017 an analysis of the accounts and discussions with company officials revealed the following information: Sales revenue Earthquake loss Selling expenses Cash Accounts receivable Common stock Cost of goods sold Accumulated depreciation-machinery Dividend revenue Unearned service revenue Interest payable Land Patents Retained earnings, January 1, 2017 Interest expense Administrative expenses Dividends declared and paid Allowance for doubtful accounts Notes payable (maturity 7/1/2020) Machinery Materials Accounts payable The amount of income taxes applicable was $33,600. $1,200,000 80,000 128,000 60,000 90,000 200,000 701,000 180,000 8,000 4,400 1,000 370,000 100,000 290,000 17,000 170,000 24,000 5,000 200,000 450,000 40,000 60,000 Instructions (a) Prepare a multiple-step income statement (b) Prepare a retained earnings statement
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