Brighton Bookstores has two divisions: books and electronics. The electronics division had another great year...
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Brighton Bookstores has two divisions: books and electronics. The electronics division had another great year in 2024 with net sales of $10.9 million, cost of goods sold of $6.45 million, operating expenses of $2.9 million, and income tax expense of $387,500. The book division did not do as well and was sold during the year. The loss from operations and sale of the book division was $890,000 before taxes and $667,500 after taxes. Required: Prepare the multiple-step income statement for Brighton Bookstores, including the proper reporting for the discontinued book division. Note: Enter your answers in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000 )
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