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9/21/23, 4:47 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud… 1/3 Score: 109/110 Points 99.09 %

9/21/23, 4:47 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud… 2/3 2. Award: 10 out of 10.00 points The following is a partial trial balance for General Lighting Corporation as of December 31, 2024: Account Title Debits Credits Sales revenue $ 2,450,000 Interest revenue 82,000 Loss on sale of investments $ 23,500 Cost of goods sold 1,210,000 Loss on inventory write-down (obsolescence) 220,000 Selling expense 320,000 General and administrative expense 160,000 Interest expense 81,000 Income tax expense has not yet been recorded. The income tax rate is 25% of income before income taxes. Required: 1. Prepare a single-step income statement for 2024. 2. Prepare a multiple-step income statement for 2024.  Required 1 Required 2  Complete this question by entering your answers in the tabs below. Prepare a multiple-step income statement for 2024. Note: Amounts to be deducted should be indicated with a minus sign. Required 1 Required 2 GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2024 Sales revenue  $ 2,450,000  Cost of goods sold  1,210,000  Gross profit 1,240,000 Operating expenses: General and administrative expense  $ 160,000  Selling expense  320,000  Loss on inventory write-down  (220,000)  Total operating expenses 260,000 Operating income 980,000 Other income (expense): Interest revenue  82,000  Loss on sale of investments  (23,500)  Interest expense  (81,000)  Total other income (expense), net (22,500) Income before income taxes 957,500 Income tax expense  129,375  Net income $ 388,125 