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Income Statement in single step, Please include steps to calculate the income tax expense. Thanks Please include steps to calculate the income tax expense, I

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Income Statement in single step,

Please include steps to calculate the income tax expense. Thanks

image text in transcribed Please include steps to calculate the income tax expense, I want to know from where those numbers. In order to get the full expense Thank you! BE4-2 XYZ Corp. had net sales of $3,400,000 and interest revenue of $51,000 during 2014. Expenses for 2014 were: cost of goods sold $1,950,000; administrative expenses $312,000; selling expenses $380,000; interest expense $60,000. XYZ's tax rate is 25%. The corporation had 200,000 shares of common stock authorized and 100,000 shares issued and outstanding during 2012. Prepare a single-step income statement for the year ended December 31, 2014

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