Below is a partial listing of the adjusted account balances of Murray Department Store at year end on December 31, 2005.

Accounts Receivable ......... $ 19,000
Cost of Goods Sold .......... 255,000
Selling Expenses ............. 12,000
Salaries Expense ............. 13,000
Rent Expense .............. 5,000
Depreciation Expense .......... 4,000
Insurance Expense ........... 1,000
Interest Expense ............ 1,000
Office Supplies ............ 10,000
Common Stock ............ 22,000
Merchandise Inventory ......... 45,000
Sales ................ 330,000
Accounts Payable ............. 14,000

Instructions
Using whatever data you believe appropriate, prepare a multiple-step income statement for Murray Department Store for the year ended December 31, 2007