Part 4 (60 points) Simple lncome Stasement The following are selected scooust belmces of the Albertson Company as of December 31, 2007: The merchandise inventory on December 31 , is 531,000 . Ten thousand ahases of eormon stock have been outstanding the entire year. The company wes a periodic invertory system. Required: Assuming a 30% income tax rate on all items of thcome, prepare a 2007 income statement for Albertson Company's financial statements (1) a maltiple step format, and (2) a single step format. (1) Multiple step format (40 points)