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The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the following income statement

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The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,170; cost of goods sold, $1,380; selling expense, $185; general and administrative expense, $175; interest expense, $50; and gain on sale of investments, $80. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare a single-step income statement for 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) PACIFIC SCIENTIFIC CORPORATION Income Statement Revenues and gains: Sales revenue For the Year Ended December 31, 2021 Total revenues and gains Expenses and losses: Selling expenses $ 185 General and administrative expenses 175 Interest expense 50 Total expenses and losses Income before income taxes Income tax expense Net income $ 2,170 2,170 410 1,760

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