Question

Please show step by step Logan Corp.'s trial balance of income statement accounts for the year...

Please show step by step

Logan Corp.'s trial balance of income statement accounts for the year ended December 31, 2020 included the following:

                                                                              Debit       Credit

               Sales revenue                                                        $280,000

               Cost of goods sold                                  $170,000

               Administrative expenses                        40,000

               Loss on disposal of equipment                18,000

               Sales commission expense                    16,000

               Interest revenue                                                     10,000

               Freight-out                                             6,000

               Loss from discontinued operations          24,000

               Bad debt expense                                   6,000

               Totals                                                    $280,000 $290,000

Other information:

Logan's income tax rate is 20%. Finished goods inventory:

               January 1, 2020       $160,000

               December 31, 2020 140,000

On Logan's multiple-step income statement for 2020, income from continuing operations is     

A) $27,200.     

B) $68,000.     

C) $8,000.     

D) $34,000.

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