MMT Corporation reports the following income statement items ($ in millions) for the year ended...
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Accounting
MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,150; cost of goods sold, $1,360; selling expense, $175; general and administrative expense, $165; interest expense, $40; and gain on sale of investments, $90. Income tax expense has not yet been recorded. The income tax rate is 25%.
Required:
Prepare a multiple-step income statement.
Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10).
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