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The following is a partial trial balance for General Lighting Corporation as of December 31, 2018: Account Title Debits Credits Sales revenue 2,500,000 Interest revenue

The following is a partial trial balance for General Lighting Corporation as of December 31, 2018:

Account Title Debits Credits
Sales revenue 2,500,000
Interest revenue 83,000
Loss on sale of investments 24,000
Cost of goods sold 1,220,000
Loss from write-down of inventory due to obsolescence 230,000
Selling expenses 330,000
General and administrative expenses 165,000
Interest expense 82,000

200,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax rate is 40%. Required: 1. Prepare a single-step income statement for 2018, including EPS disclosures. 2. Prepare a multiple-step income statement for 2018, including EPS disclosures.

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