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Prepare a multi-step income statement for the Appully Company (a clothing retailer) for the year ending December 31, 2003 given the information below:
Advertising expenditures
68,000
Beginning inventory
256,000
Depreciation
78,000
Ending inventory
248,000
Gross Sales
3,210,000
Interest expense
64,000
Lease payments
52,000
Management salaries
240,000
Materials purchases
2,425,000
R&D expenditures
35,000
Repairs and maintenance costs
22,000
Returns and allowances
48,000
Taxes
51,000
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