Prepare an income statement for Packer Company. Information for this firm is given below.

1. Packer Company purchased 200 cheese heads for $2,000 total, terms 1/10, n/45.

2. Packer paid $100 to have the cheese heads shipped to its warehouse.

3. Packer returned 50 cheese heads to the supplier and received $500 credit.

4. Packer sold 100 of the cheese heads to a customer for $1,900 on account, terms 2/10, n/30.

5. Packer paid the balance due 16 days after purchasing the inventory.

6. The customer returned 10 cheese heads.

7. An allowance was given to the customer for $100, due to some slightly damaged cheese heads.

8. The customer paid the balance due within the discount period. Also assume packer company had salaries expense for the period of $140, utilities expense of $77.50, and interest revenue of $90. Packer Company’s income tax rate is 30%.

Prepare a multiple-step income statement for Packer Company for the period.