At December 31,2007, the general ledger of Hoffman Electric had the following account balances.

All adjusting entries (except for income taxes at 35%) have been made. The company had 10,400 shares of common stock outstanding during the year.

Accounts payable $8,950 Equipment $ 80,300

Accounts receivable14,970 Gain on sale of land 4,800

Accrued liabilities 21,000 Interest expense 1,420

Accumulated depreciation 15,300 Merchandise 18,465

Advertising expense 9,968 Land 30,000

Cash 9,530 Retained earnings* 57,984

Common stock 36,000 Sales revenue 260,772

Cost of goods sold 102,690 Utilities expense 9,002

Depreciation expense13,510 Wages expense 59,780

Balance at January 1,2007

Prepare an income statement in good form