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Multi-step income retained earnings presented below is

1. (Multi-step Income, Retained Earnings) Presented below is information related to American Horse Company for 2004. Prepare a multi-step income statement and a retained earnings statement. American Horse Company decided to discontinue its entire wholesale operations and to retain its manufacturing operations. On September 15, American Horse sold the wholesale operations to Rogers Company. During 2004, there were 300,000 shares of common stock outstanding all year.

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Accounting Basics: Multi-step income retained earnings presented below is

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