Problem 1: Multi-Step Income Statement: (15 points)

Bridger Science Corp., wants you to prepare their 2020 year-end Income Statement. Some of the year-end adjusted general ledger account amounts are shown below.

(All G/L accounts have normal balances.)

Cash $ 120,000

Loss on Sale of Equipment 25,000

Cost of goods sold 900,000

Cash dividends declared 50,000

Accounts Receivable 65,000

Interest Expense 20,000

Sales revenue 1,300,000

Inventory 300,000

Selling Expenses 90,000

Administrative Expenses 60,000

Accounts Payable 26,000

Common Stock 500,000

Additional Information:

-Their combined Federal and Montana Corporate tax rate is 30%

- The weighted average # of common shares outstanding was 10,000 shares.

Instructions: On the Following Page

A) Prepare only a multi-step income statement for 2020 in good form: