Part B - Multiple-Step Income Statement (16 points) Below is a partial listing of the adjusted account balances of the Lowell Department Store at year-end on December 31, 2007. Accounts Receivable Cost of Goods Sold Dividends Selling Expense Gain on sale of building Interest Expense Accumulated Depreciation Sales Discounts Merchandise Inventory Administrative Expenses Sales Accounts Payable Income tax Expense $ 18,000 255,000 3,500 35,000 79,000 2,000 10,000 32,000 44,000 17,000 380,000 15,000 6.000 Instructions Using whatever data you believe appropriate, prepare a multiple-step income statement for the Lowell Department Store for the year ended December 31, 2007.

Part B - Multiple-Step Income Statement (16 points) Below is a partial listing of the adjusted account balances of the Lowell Department Store at year-end on December 31, 2007. Instructions Using whatever data you believe appropriate, prepare a multiple-step income statement for the Lowell Department Store for the year ended December 31, 2007