Prepare an Income Statement Using the Following Data for Young

Prepare an Income Statement using the following data for Young Adventures for the year ended December 31,2012:
$\begin{array}{ll}\text { Net Sales } & \$ 24,500,000 \\\text { Cost of Merchandise Sold } & 10,900,000 \\\text { Operating Expenses } & 6,300,000 \\\text { Losses from Asset Impairment } & 2,800,000 \\\text { Income Tax Expense } & 500,000 \\\text { Losss on DiscontinuedOperations } & 100,000 \\\text { Net Losss on Extraordinary Item } & 125,000\end{array}$

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