Prepare an Income Statement Using the Following Data for New

Prepare an income statement using the following data for New Orleans Adventures for the year ended December 31: $$\begin{array} { l l } \text { Sales } & \$ 24,500,000 \\\text { Cost of merchandise sold } & 10,900,000 \\\text { Operating expenses } & 6,300,000 \\\text { Losses from asset impairment } & 2,800,000 \\\text { Income tax expense } & 500,000 \\\text { Loss on discontinued operations } & 100,000 \\\text { Net loss on extraordinary item } & 125,000\end{array}$$

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