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The following balances were taken from the books of Oriole Corp. on December 31, 2020. Interest revenue $87,950 Accumulated depreciationequipment $41,950 Cash 52,950 Accumulated depreciationbuildings

The following balances were taken from the books of Oriole Corp. on December 31, 2020.

Interest revenue

$87,950

Accumulated depreciationequipment

$41,950

Cash

52,950

Accumulated depreciationbuildings

29,950

Sales revenue

1,381,950

Notes receivable

156,950

Accounts receivable

151,950

Selling expenses

195,950

Prepaid insurance

21,950

Accounts payable

171,950

Sales returns and allowances

151,950

Bonds payable

101,950

Allowance for doubtful accounts

8,950

Administrative and general expenses

98,950

Sales discounts

46,950

Accrued liabilities

33,950

Land

101,950

Interest expense

61,950

Equipment

201,950

Notes payable

101,950

Buildings

141,950

Loss from earthquake damage

151,950

Cost of goods sold

622,950

Common stock

501,950

Retained earnings

22,950

Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year.

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