The following are selected account balances of Rule Corporation at the end of 2016:

Rule is subject to a 30% income tax rate, and shareholders own 800 shares of its capital stock.
Required:
Prepare a 2016 income statement for Rule.

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Debit $3,800 8,300 Credit Operating Expenses Sales Revenue Cost of Goods Sold Interest Expense Gain on Sale of Land $15,600 800 500