Create a 2007 income statement for TAL.

Trimble & Associates Leasing, Inc. (TAL) sold 85,000 widgets in 2007 at a price of $10/widget. The amount of direct labor to produce those widgets was $300,000. The amount of direct materials to produce those widgets was $250,000. In 2007, TAL spent $90,000 on trade show events and marketing materials. They also had administrative/general overhead costs (e.g., CEO salary, accounting department salaries, miscellaneous office expenses, etc.) of $80,000. TAL started the year with $860,000 of gross fixed assets and added another $100,000 of gross fixed assets during 2007 producing $30,000 in depreciation for the year. Also, TAL had several long-term loans that caused TAL to pay back part of the principal along with $20,000 in interest. TALs average tax rate was 25% and TAL distributes 25% of their net income as dividends.