prepare a 2007 income statement for rule corporation 562550

Basic Income Statement The following are selected account balances of the Rule Corporation at the end of 2007:

Debit

Credit

Operating expenses

$3,800

Sales returns

600

Sales revenue

$16,200

Cost of goods sold

8,300

Interest expense

800

Gain on sale of land

500

The company is subject to a 30% income tax rate and stockholders own 800 shares of its capital stock.

Required

Prepare a 2007 income statement for Rule Corporation.

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