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Prepare a multiple-step income statement for Zippity Co. from the following data for the year ended December 31. Do not forget the heading. Sales, $925,000;

Prepare a multiple-step income statement for Zippity Co. from the following data for the year ended December 31. Do not forget the heading.

Sales, $925,000; cost of merchandise sold, $660,000; administrative expenses, $30,000; interest expense, $10,000; rent revenue, $20,000; sales returns and allowances, $55,000; selling expenses, $110,000.

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