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Information from the Accounts of Gause Company Is Shown Below

Question 111

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Information from the accounts of Gause Company is shown below: Information from the accounts of Gause Company is shown below: The merchandise inventory on January 1, 2016, was $3,200,000. There were 250,000 shares of common stock outstanding during the entire year. Required: Assuming a 30% income tax rate, prepare a 2016 income statement for Gause Company. Use a multiple-step format. The merchandise inventory on January 1, 2016, was $3,200,000. There were 250,000 shares of common stock outstanding during the entire year.
Required:
Assuming a 30% income tax rate, prepare a 2016 income statement for Gause Company. Use a multiple-step
format.

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