Using the following data for ABC Hotel for the year ended Dec. 31, 2007. Prepare an income statement under the USAL (multiple-step income statement). Accounts receivables $85,000 Interest income 2,000 Accounts payable 65,000 Rooms- other expenses 150,000 Accrued expenses 25,000 Rooms - payroll 120,000 General & Admin. - payroll expenses 30,000 Store rentals income 3,000 General & Admin. - other expenses 60,000 Pre-opening costs 12,000 Building 800,000 Food - Payroll 130,000 Accumulated depreciation 100,000 Food - other expenses 112,000 Amortization expense 1,000 Utility costs - Payroll 20,000 Common shares 140,000 Repairs and maintenance - payroll 20,000 Repairs and maintenance-Other expenses 10,000 Mortgage payable 720,000 Utility costs-other 30,000 Land 150,000 Depreciation expense 34,000 Income taxes payable 35,000 Furniture and equipment 50,000 Dividends payable 20,000 Cost of food sales 200,000 Loss on sale of property (10,000) Cost of sales - telecommunications 14,000 Interest expense 15,000 Inventories 70,000 Property taxes and insurance 28,000 Prepaid expenses 5,000 Marketing - Other expenses 20,000 Food sales 490,000 Marketing - payroll 25,000 Cash 25,000 Telecommunications - Payroll 25,000 Room sales 600,000 Telecommunications - other expenses 9,000 Telecommunications - sales 30,000 Bad debts expense 5,000 Income tax expense 35,000