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Question 1Income statement form.Wilcox Corporation had income from continuing operations of $650,000 (after taxes) in 2020. In addition, the following information, which has not been considered, is as follows.1. A machine was sold for $140,000 cash during the year at a time when its book value was $110,000. (Depreciation has been properly recorded.) The company often sells machinery of this type.2. Wilcox decided to discontinue its stereo division in 2020. During the current year, the loss on the disposal of this component of the business was $210,000 less applicable taxes.InstructionsPresent in good form the income statement of Wilcox Corporation for 2020 starting with “income from continuing operations.” Assume that Wilcox’s tax rate is 20% and 200,000 shares of common stock were outstanding during the year.Question 2 Fill in the appropriate blanks for each of the independent situations below.Company A Company B Company CSales revenue (a) $________ $343,400 $540,000Beginning inventory 52,600 (d) ________ 90,000Net purchases 205,300 255,600 (g) ________Ending inventory 52,200 108,000 63,000Cost of goods sold (b) ________ (e) ________ 437,000Gross profit 7 5,300 128,000 ( h) ________Operating expenses (c) ________ 50,000 48,000Income before taxes 6,000 f) ________ (i) ________

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