M 10 CORPORATE INCOME STATEMENT the toffowing data were selected from the records of Magnus Incorporated for the month ended February 28 $10,100 Insurance expense s600 2,500 500 Interest expense recdintren xpensa-store 2.500Loss from dsposal of a 23,000 equiprment segment of Merchandise inventory 75,000 68,000 17,000 February 1 Extraordinary loss 0,000 Merchandise inventory February 28 - Income tax: -Office salaries expense On continuing operations 15,000 Office 1,025 supplies expense - Reduction applicable to loss 4,500 Purchases 300,000 from disposal of a segment of the business Rent expense Sales 500 452,500 15,000 Reduction applicable to extra- 1,100 Sales salaries expense ordinary loss Store supplies expense 2,525 This firm's accounting system generates these totals on a monthly basis. You have been asked develop a worksheet (file name IS) that will allow a monthly income statement to be prepared to by entering monthly figures in the appropriate cells. The income statement section for earnings per share. There were 20,000 shares of common stock (no outstanding throughout the month. Use the provided data as input for your worksheet. should include a preferred) Review the Model-Building Problem Checklist on page 154 to ensure that your worksheet is complete. Print the worksheet when done. Check figure: February net income, $50,950 To test your model, use the following data for the month ended March 31 Advertising expense $11,500 Insurance expense $ 500 Interest expense 810 Loss from disposal of a segment 1,000 of business (additional expenses from February Depreciation expense- office equipment 323S disposal) Depreciation expense3,325 Merchandise inventory, March 1 68,000 store equipment Extraordinary loss 7,500 Merchandise' inventory, March 3170,000 (additional expenses from February loss) 164