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The adjusted trial balance of Pacific Scientific Corporation on December 31, 2024, the end of the company's fiscal year, contained the following income statement
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2024, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,130; cost of goods sold, $1,360; selling expense, $175; general and administrative expense, $165; interest expense, $40; and gain on sale of investments, $90. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare a single-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Revenues and gains: PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31, 2024 Total revenues and gains Expenses and losses: Total expenses and losses Income before income taxes Net income 0 0 0
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