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American Horse Company Income Statement For the Year Ended December 31, 2007 Sales $25,000,000 Cost of goods sold 17,000,000 Gross profit 8,000,000 Selling and administrative expenses 4,700,000 Income from operations 3,300,000 Other revenues and gains Interest revenue $ 70,000 Gain on the sale of investments 110,000 180,000 Other expenses and ... ................
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