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Single-Step Income Statement Brandt Corporation had sales revenue of $500,000 for the current year. For the...

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Single-Step Income Statement Brandt Corporation had sales revenue of $500,000 for the current year. For the year, its cost of

Single-Step Income Statement Brandt Corporation had sales revenue of $500,000 for the current year. For the year, its cost of goods sold was $240,000, its operating expenses were $50,000, its interest revenue was $2,000, and its interest expense was $12,000. Brandt's income tax rate is 30%. Prepare a single-step income statement for Brandt Corporation for the current year. BRANDT CORPORATION Income Statement For Year Ended December 31, Current Year Revenues Sales revenue 500,000 Interest revenue 2,000 ✓ Total revenues 502,000 ✓ Expenses Cost of goods sold 240,000 Operating expenses 50,000 ✓ Interest expense 12,000 | Income tax expense Total expenses Net income

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BRANDT CORPORATION Income statement For tear ended December 31 current year Revenue: Sales Revenue $ 5,00,000 Interest revenu

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