2 The financial records of Avayal Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept the following statistical data related to the income statement The beginning merchandise Inventory was $80,000 and it decreased by 15% during the current year There were 10,000 common shares outstanding for the entire year. Interest expense was $23,000 The Income tax rate was 20% 5 Cost of goods sold amounted to $420,000 Administrative expenses were 15% of cost of goods sold but only 3% of gross sales. 7. Selling expenses were four fifths of cost of goods sold. 3. 4 6. Prepereasingle-step income statement for the year ended December 31, 2020, including calculation of EPS Expenses should be shown by function round per share onwerto 2 decimal places 52.75) Ayayaline Income Statement