E5-9 In its income statement for the year ended December 31, 2008, Pele Company reported

Price: $2.99


E5-9 In its income statement for the year ended December 31, 2008, Pele Company reported
the following condensed data.
Administrative expenses $ 435,000 Selling expenses $ 490,000
Cost of goods sold 1,289,000 Loss on sale of equipment 10,000
Interest expense 70,000 Net sales 2,312,000
Interest revenue 28,000
Instructions
(a) Prepare a multiple-step income statement.
(b) Prepare a single-step income statement.