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The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,600,000 85,000 Account Title Sales revenue Interest revenue Los on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 25,000 1,240,000 250,000 350,000 175,000 84,000 There were 340,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. Required 1 Required 2 Prepare a single-step income statement for 2021, including EPS disclosures. (R GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue $ 2,600,000 85,000 2,685,000 Total revenues and gains Expenses and losses: Cost of goods sold Selling expense General and administrative expense Interest expense Loss on sale of investments $ 1,240,000 350,000 175,000 (84,000) (25,000) Total expenses and losses Income before income taxes Income tax expense Net income Earnings per share 1,656,000 1,029,000 (257,250) X $ 771,750