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The following information is available for Sheffield Corporation for the year ended December 31, 2020: cost of goods sold $214,000, sales revenue $449,000, other revenues
The following information is available for Sheffield Corporation for the year ended December 31, 2020: cost of goods sold $214,000, sales revenue $449,000, other revenues and gains $52,000, and operating expenses $71,000. Assuming a corporate tax rate of 30%, prepare an income statement for the company.
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