(LO 2) BE4-1 Tim Allen Co. had sales revenue of $540,000 in 2007. Other items recorded during the year were Cost of goods sold $320,000 Wage expense 120,000 Income tax expense 25,000 Increase in value of company reputation 15,000 Other operating expenses 10.000 Unrealized gain on value of patents 20,000 Prepare a single-step income statement for Allen for 2007. Allen has 100,000 shares of stock outstanding. (LD2) BE4-2 Turner Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2007. Er penses for 2007 were: cost of goods sold $1,250,000; administrative expenses $212,000, selling expenses $280,000; interest expense $45,000. Turner's tax rate is 30%. The corporation had 100,000 shares of com- mon stock authorized and 70,000 shares issued and outstanding during 2007. Prepare a single-step in- come statement for the year ended December 31, 2007. (LO 3) BE4-3 Using the information provided in BE4-2, prepare a condensed multiple-step income statement for Turner Corporation