P102B. Prepare an income statement (LO1)
The Blues Corporation had the following for the year ended December 31,2007.
| Sales | $425,000 |
| Cost of goods sold | 185,000 |
| Interest income | 8,000 |
| Gain on sale of equipment | 4,000 |
| Selling and administrative expenses | 18,000 |
| Interest expense | 3,000 |
| Extraordinary gain | 25,000 |
| Loss from discontinued segment operations | (e,s00) |
| Gain on disposal of discontinued segment | 36,000 |
Required
Assume the corporation is subject to a 40Vo tax rate. Prepare an income statement for the year ended December 31,2007 .
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