BE4-2 Turner Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2007. Expenses for
2007 were: cost of goods sold $1,250,000; administrative expenses $212,000; selling expenses $280,000; interest expense $45,000. Turner’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2007. Prepare a single-step income statement for the year ended December 31, 2007.
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