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Presented below is financial information related to the 2020 operations of Carla Vista Cruise Company.
Maintenance and repairs expense$ 99,000
Utilities expense11,000
Salaries and wages expense132,000
Advertising expense28,500
Ticket revenue401,000
Problem 1: Prepare the 2020 income statement for Carla Vista Cruise Company.
The major discussion was how to record the donations meant to fund ongoing maintenance costs.
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