Value“ 4.00 points university to buy its books . Sitein Books Inc . sold 1 , 700 finance textbooks for $ 210 each to High Tuition University in 20…

Stein Books Inc. sold 1,700 finance textbooks for $210 each to High Tuition University in 20X1. These books cost $170 to produce. Stein Books spent $12,300 (selling expense) to convince the university to buy its books.

Depreciation expense for the year was $15,600. In addition, Stein Books borrowed $102,000 on January 1, 20X1, on which the company paid 14 percent interest. Both the interest and principal of the loan were paid on December 31, 20X1. The publishing firm’s tax rate is 30 percent.

9.Value“4.00 pointsuniversity to buy its books .Sitein Books Inc . sold 1 , 700 finance textbooks for $ 210 each to High Tuition University in 20 *7 . These books cost $ 170 to produce . Stein Books spent $ 12 , 300 ( selling expense ) to convince theDepreciation expense for the year was $15 , 600 . In addition , Stein Looks borrowed $102 ,000 on January 1 , 20 *’7 , on which the company paid 14 percent interest . Both the interest and principal ofthe loan were paid on December 31 , 20*1 . The publishing firm’s tax rate is 30 percent .Prepare an income statement for Stein Books*Stein Books Inc .Income StatementFor the Year Ending December 31 , 20 X 1

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