Prepare an income statement. (LO 1)

The Blues Corporation had the following for the year ended December 31, 2007.

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Assume the corporation is subject to a \(40 \%\) tax rate. Prepare an income statement for the year ended December 31, 2007.

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Sales Cost of goods sold Interest income Gain on sale of equipment Selling and administrative expenses Interest expense Extraordinary gain Loss from discontinued segment operations Gain on disposal of discontinued segment $425,000 185,000 8,000 4,000 18,000 3,000 25,000 (9,500) 36,000