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MMT Corporation reports the following income statement items ( $ in millions) for the year ended December 31,2024 : sales revenue, $2,155; cost of goods
MMT Corporation reports the following income statement items ( $ in millions) for the year ended December 31,2024 : sales revenue, $2,155; cost of goods sold, $1,350; selling expense, $170; general and administrative expense, $160; interest expense, $35; and gain on sale of investments, $80. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a multiple-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10 ). MMT Corporation reports the following income statement items ( $ in millions) for the year ended December 31,2024 : sales revenue, $2,155; cost of goods sold, $1,350; selling expense, $170; general and administrative expense, $160; interest expense, $35; and gain on sale of investments, $80. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a multiple-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10 )
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