The following are selected account balances of the Rule Corporation at the end of 2007:

The company is subject to a 30% income tax rate and stockholders own 800 shares of its capital stock.

Required
Prepare a 2007 income statement for RuleCorporation.

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Debit $3,800 600 Credit Operating expenses Sales returns Sales revenue Cost of goods sold Interest expense Gain on sale of land $16,200 8,300 800 500