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  3. 5. maersk imports engages in the retail sale of ho

5. Maersk Imports engages in the retail sale of household products and clothing. During 2010,...

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5. Maersk Imports engages in the retail sale of household products and clothing. During 2010, the company disposed of the clothing segment. Maersk Imports had 150,000 shares of stock outstanding all year. The results of operations for 2020 follow. Household Products $15,000,000 11,400,000 1,400,000 Clothing $3,900,000 3,500,000 300,000 Net sales Cost of goods sold Operating expenses Loss on disposal of clothing business (before income tax effect) Interest expense Extraordinary loss from expropriation of operations in foreign country (before income tax effect) 680,000 40,000 80,000 Income taxes of 40% apply to all items. Required: Prepare a multiple-step income statement for the year ended December 31, 2020, in good format

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