The following account are taken from the adjusted trial balance of Tamara Company as of December 31, 2007.

Common Stock (100,000 shares)	$300,000
Transportation-in	12,600
Rent Revenue	28,500
Administrative Expense (Total)	145,800
Merchandise Inventory (12/31)	117,500
Sales Discounts	9,500
Bond Interest Expense	14,300
Sales	1,265,000
Purchases	485,600
Sales Returms	15,900
Purchase Discounts	12,100
Gain on Sale of Land	18,300
Selling Expense (Total)	186,800
Merchandise Inventory (1/1)	96,200
Retained Earnings (1/1)	226,900
Dividend Income	17,700

The gain on the sale of the land is not an extraordinary item. All income is taxed at a uniform rate of 42%.

Instructions:

Prepare a multipe-step income satatement for Tamara Company for the year ended December 31, 2007