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  3. during the past year, the companys financial resul

During the past year, the companys financial results reflected the following: Selling, general, and administrative...

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Accounting

During the past year, the companys financial results reflected the following:

Selling, general, and administrative expenses of $200,000

Net sales of $1,200,000

Interest expense of $100,000

Research & development expense of $50,000

Cost of goods sold of $800,000

Income tax expense of $17,500

Calculate net profit $ for the year.

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