Assignment on Income Statement Presented below are selected ledger accounts of Metro Inc. at December 31, 20x1. 185,000 Prepaid insurance 24,000 Cash Merchandise inventory, 1/1/20X1 Sales Advances from customers Purchases Purchase discounts Sales salaries Sales returns Transportation-in Sales equipment Accounts receivable 535,000 Advertising expense 4,275,000 Prepaid income tax 117,000 Depreciation of sales equipment 2,786,000 Telephone - sales 27.000 Unearned rent 284,000 Rental revenue 79,000 Interest expense 72,000 Common stock ($10 par) 135,500 Additional paid-in capital 142,500 Retained earnings 54,000 93,000 36,000 17.000 8,000 240,000 176,000 900,000 250,000 166,000 Metro's tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $686,000. A pretax $5,000 loss was recognized on the sale of Division Y a major component of the company). This division had earned a pretax operating income of $2,500 in 20x1. During 20x1, 90,000 common shares were outstanding. Prepare a multiple-step income statement for the year ending December 31, 20x1. Some of the above accounts are not reported on the income statement. You must report the earnings per share