These data pertain to Palm Beach Corporation: Net Sales, 405,000; Cost of Goods Sold, 220,000; Selling Expenses,

Question:

These data pertain to Palm Beach Corporation: Net Sales, 405,000; Cost of Goods Sold, 220,000; Selling Expenses, 90,000; General and Administrative Expenses, 60,000; Income Taxes, 7,500; Interest Expense, 4,000; Interest Income, 3,000; and Share Capital Outstanding, 100,000 shares.
1. Prepare a condensed single-step income statement.
2. Prepare a condensed multistep income statement.

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