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The Following Accounts Have Been Taken from Carlton Corporation's General

Question 148

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The following accounts have been taken from Carlton Corporation's general ledger as of December 31,2017.All data are shown before tax.The income tax rate is 40%.
 Sales revenue $195,000 Interest revenue 10,000 Interest expense 8,000 Gain on sale of equipment 22,000 Cost of goods sold 85,000 Operating expenses 65,000\begin{array}{ll}\text { Sales revenue } & \$ 195,000 \\\text { Interest revenue } & 10,000 \\\text { Interest expense } & 8,000 \\\text { Gain on sale of equipment } & 22,000 \\\text { Cost of goods sold } & 85,000 \\\text { Operating expenses } & 65,000\end{array} Operating income from
 discontinued operations 50,000\text { discontinued operations }\quad\quad50,000 Loss on disposal of
 discontinued operations 30,000\text { discontinued operations }\quad30,000 Prepare a single-step income statement for the year ended December 31,2017.Omit earnings per share.

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Carlton Corporation
Income Statement
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