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lowing information is available for Art Center Corp. for the year ended December 31, 2019 Other revenues and gains Other expenses and losses Cost of goods sold s 8,000 3,000 Sales revenue Operating expenses $462,000 187,000 20,000 Other comprehensive income 10,000 147,000 Sales discounts Pre Center Corp. pare a multiple-step income statement and comprehensive income statement for Art Solution Action Plan ART CENTER CORP Income Statement For the Year Ended December 31, 2019 Subtract cost of goods sold from net sales to determine gross profit. Sales V Subtract operating expenses from gross profit to determine income from operations. Add/subtract nonoperating items to determine net income. Sales revenue Sales discounts Net sales Cost of goods sold Gross profit Operating expenses Income from operations Other revenues and gains Other expenses and losses Net income $462,000 20,000 442,000 147,000 295,000 187,000 108,000 $8,000 5,000 $113,000 ART CENTER CORP. Comprehensive Income Statement For the Year Ended December 31, 2019 Net income Other comprehensive income Comprehensive income $113,000 10,000 103,000 Related exercise material: BE5-8. BF5-9. pO m 5-5. F5-9. F5-10. F5-12, F5-13. and F5-14 lowing information is available for Art Center Corp. for the year ended December 31, 2019 Other revenues and gains Other expenses and losses Cost of goods sold s 8,000 3,000 Sales revenue Operating expenses $462,000 187,000 20,000 Other comprehensive income 10,000 147,000 Sales discounts Pre Center Corp. pare a multiple-step income statement and comprehensive income statement for Art Solution Action Plan ART CENTER CORP Income Statement For the Year Ended December 31, 2019 Subtract cost of goods sold from net sales to determine gross profit. Sales V Subtract operating expenses from gross profit to determine income from operations. Add/subtract nonoperating items to determine net income. Sales revenue Sales discounts Net sales Cost of goods sold Gross profit Operating expenses Income from operations Other revenues and gains Other expenses and losses Net income $462,000 20,000 442,000 147,000 295,000 187,000 108,000 $8,000 5,000 $113,000 ART CENTER CORP. Comprehensive Income Statement For the Year Ended December 31, 2019 Net income Other comprehensive income Comprehensive income $113,000 10,000 103,000 Related exercise material: BE5-8. BF5-9. pO m 5-5. F5-9. F5-10. F5-12, F5-13. and F5-14