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Sheridan Company provides this information for the month ended October 31, 2017: sales on credit $301,200; cash sales $159,500; sales discounts $5,170; and sales returns

Sheridan Company provides this information for the month ended October 31, 2017: sales on credit $301,200; cash sales $159,500; sales discounts $5,170; and sales returns and allowances $24,920. Prepare the sales section of the income statement based on this information.

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