Basic Income Statement The following are selected account balances of Rule Corporation at the end of the current year: Operating Expenses Sales Revenue Cost of Goods Sold Debit $3,800 8,300 800 Credit Year $15,600 Interest Expense Gain on Sale of Land Rule is subject to a 30% income tax rate, and shareholders own 800 shares of its capital stock. Required: Prepare the income statement for Rule. RULE CORPORATION Income Statement For the Year Ended December 31, Current S 500

Basic Income Statement The following are selected account balances of Rule Corporation at the end of the current year: Rule is subject to a 30% income tax rate, and shareholders own 800 shares of its capital stock. Required: Prepare the income statement for Rule. Required: Drenare the income statement for Rule