Record XC Remaining Time: 2 hours, 12 minutes, 00 seconds. Question Completion Status: 10 points Save Answer QUESTION 3 Presented below is information related to Jensen Corporation Jensen Corporation For the year ended December 31, 2007 $945,000 Sales revenue Rent revenue 19,500 Cost of goods sold 408,500 Selling expenses 145,000 Administrative expense 215,000 Interest expense 13,000 Special items Loss on disposal of a component of the business before taxes (discontinued operations) 30,000 Instructions Prepare a multiple-step income statement for 2007 for Jensen Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology). Jensen Corporation has 50,000 shares of common stock outstanding and has a 30% income tax rate on all tax related items. Round all earnings per share figures to the nearest cent. Jensen Corporation INCOME STATEMENT For the Year Ended December 31, 2007