1. The beginning merchandise inventory was $97,700 and decreased 20% during the current year. 2. Sales discounts amount to $17,300. 3. 30,450 shares of common stock were outstanding for the entire year. 4. Interest expense was $22,700. 5. The income tax rate is 30%. 6. Cost of goods sold amounts to $518,300. 7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales. 8. Four-fifths of the operating expenses relate to sales activities. From the foregoing information prepare an income statement for the year 2017 in single-step form. (Round earnings per share to 2 decimal plac Income Statement Income Statement MacBook Q Search Private Surfing