Essay
Use the following information to prepare an income statement for Penelope Company for the period ending December 31, Year 1. All transactions were for cash.A)Received revenue from services provided to customers, $30,500.B)Paid $19,000 cash for land.C)Issued $16,000 of common stock.D)Paid dividends to stockholders, $3,000.E)Paid operating expenses, $25,400.
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