Wildhorse Corporation had net sales of $2,427,100 and interest revenue of $31,500 during 2020. Expenses for 2020 were cost of goods sold $1,467,100, administrative expenses $216,600, selling expenses $290,200, and interest expense $50,200. Wildhorse’s tax rate is 30%. The corporation had 107,600 shares of common stock authorized and 74,270 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020.

Telecom co. enters into a two-year contract with a customer to provide wireless service (voice and data) for $40 per month. to induce customers, telecom co. provides a free phone. telecom co. normally sells the phone on a stand-alone basis for $200. telecom co. also charges the customer a one-time activation fee of $35.which of the following is true? a) there are two distinct performance obligations: the voice service and the data service b) the free phone constitutes as a marketing expense c) the activation fee is a separate performance obligationd) there are two distinct performance obligations: the wireless services and the phone