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The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Rails Division Locomotive Division Corporate Total Cost of goods sold $ 47,200 $30,720 Direct operating expenses 27,200 20,040 Sales 108,000 78,000 Interest expense $ 2,040 General overhead 18,160 Income tax 4,700 The income from operations for the Locomotive Division is

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Answer:

Income from operation  $27,240

Explanation:

                                           Train Corporation

                           Income statement (Locomotive Division)

                               Year ended December 31 20YY

Sales                                              $78,000

Less: Cost of goods sold              $30,720

Gross profit                                    $47,280

Less: Direct operating expenses ($20,040)

Income from operation                 $27,240

We cannot deduct General overhead, Interest expense, and Income tax or calculating income from the operation.

abiolataiwo2015

The income from operations for the Locomotive Division is    $27,240

Income from operations

Locomotive division Income statement for the Year ended December 31 20YY

Sales                                              $78,000

Less Cost of goods sold              ($30,720)

Gross profit                                    $47,280

Less Direct operating expenses ($20,040)

Income from operation                $27,240

Therefore the income from operations for the Locomotive Division is    $27,240

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