Income statement: Income statement is a component of financial statements of a company which is prepared to record revenues and expenses for a particular accounting period and shows net income or net loss. To prepare : Income statement for the year ending on December 31.

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Chapter 17, Problem 18E

To determine

Concept Introduction:

Income statement:

Income statement is a component of financial statements of a company which is prepared to record revenues and expenses for a particular accounting period and shows net income or net loss.

To prepare:

Income statement for the year ending on December 31.

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