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The following balances were taken from the books of Novak Corp.
on December 31, 2020.
Interest revenue
$88,200
Accumulated depreciation—equipment
$42,200
Cash
53,200
Accumulated depreciation—buildings
30,200
Sales revenue
1,382,200
Notes receivable
157,200
Accounts receivable
152,200
Selling expenses
196,200
Prepaid insurance
22,200
Accounts payable
172,200
Sales returns and allowances
152,200
Bonds payable
102,200
Allowance for doubtful accounts
9,200
Administrative and general expenses
99,200
Sales discounts
47,200
Accrued liabilities
34,200
Land
102,200
Interest expense
62,200
Equipment
202,200
Notes payable
102,200
Buildings
142,200
Loss from earthquake damage
152,200
Cost of goods sold
623,200
Common stock
502,200
Retained earnings
23,200
Assume the total effective tax rate on all items is 20%.
Prepare a multiple-step income statement; 100,000 shares of common
stock were outstanding during the year. (Round earnings
per share to 2 decimal places, e.g. 1.48.)
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