Prepare a multi-step income statement of solar power inc, Accounting Basics

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Prepare a multi-step income statement of solar power inc

Problem

Solar Power Inc. had the following transactions during 2105.

Sales revenue $60,000
Equipment rental revenue 1680
Cost of sales 24,750
Selling and administrative expenses 13,080
Interest expense 2,240
Gain on sale of old machinery 840
Unrealized gain on available for sale securities 624

(A) Prepare a multi-step income statement of Solar Power Inc. assuming income tax rate applicable to SolarPower is 30%.
(B) Compute comprehensive income.

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Accounting Basics: Prepare a multi-step income statement of solar power inc

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Accounting Basics: Prepare a multi-step income statement of solar power inc

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