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Q1) The following selected information is taken from records of Beckstrom Corporation.

Accounts payable $35,000
Accounts receivable $65,000
Advertising expense $15,000
Cash $19,500
Supplies expense $46,000
Rent expense $10,000
Utilities expense $3,000
Income taxes (30% of income before taxes) ?
Miscellaneous expense $4,400
Owners equity $140,000
Salaries expense $61,000
Fees (revenues) $384,000

Create income statement for year ended December 31, 2006. (Suppose that 7,500 shares of stock are outstanding.)

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