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The given information is available for Sheffield Corporation for the year ended December 31, 2020: cost of goods sold $214,000, sales revenue $449,000, other income

The given information is available for Sheffield Corporation for the year ended December 31, 2020: cost of goods sold $214,000, sales revenue $449,000, other income and gains $52,000, and operating expenses $71,000.

Required:

Assuming a corporate tax rate 30%, prepare an income statement for the company.

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