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Introduction to Financial Statements - Practice Problem 3 Income Statement The following items were taken from the accounting records of a company. Accounts Payable 57,000 Long-term investments Accounts Receivable 32,000 Trademarks Building 255,000 Accrued Expenses Cash 15,000 Short-term Notes Payable Equipment 76,000 Common Stock Retained Earnings 411,000 Interest Receivable Prepaid Expenses 12,000 Inventory Sales 123,000 Dividends paid Salary Expense 22,000 Cost of Goods Sold Utility Expense 8,000 Income Tax Expense 35,000 6,000 9,000 35,000 1,000 2,000 82,000 25,000 62,000 9,000 Prepare an income statement