Bolivia Company gathered the following condensed data for the year ended December 31, 2020: $\begin{array}{lr}
\text { Cost of goods sold } & \text { \$ } 760,000 \
\text { Net sales } & 1,400,000 \
\text { Operating expenses } & 277,000 \
\text { Interest expense } & 43,000 \
\text { Dividend revenue } & 40,000 \
\text { Casualty loss from vandalism } & 125,000
\end{array}$ Instructions:
1. Prepare a single-step income statement for the year ended December 31, 2020.
2. Prepare a multiple-step income statement for the year ended December 31, 2020.

Question

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The Answer of Bolivia Company gathered the following condensed data for the year ended December 31, 2020: $\begin{array}{lr}
\text { Cost of goods sold } & \text { \$ } 760,000 \
\text { Net sales } & 1,400,000 \
\text { Operating expenses } & 277,000 \
\text { Interest expense } & 43,000 \
\text { Dividend revenue } & 40,000 \
\text { Casualty loss from vandalism } & 125,000
\end{array}$ Instructions:
1. Prepare a single-step income statement for the year ended December 31, 2020.
2. Prepare a multiple-step income statement for the year ended December 31, 2020.

Bolivia Company Gathered the Following Condensed Data for the Year